Saudi Arabia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Published: March 28, 2024 Report Code: GDCN1350MR-ST

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Reasons to buy the ‘Saudi Arabia Construction’ market sizing report:

  • Get a comprehensive analysis of the construction industry in Saudi Arabia.
  • Access the historical and forecast valuations of the Saudi Arabian construction industry along with details of key growth drivers.
  • Identify the sectors and sub-sectors within the Saudi Arabia construction market.
  • Analyze the mega-project pipeline, including breakdowns by development stage across all sectors.
  • Assess the projected spending on projects in the existing pipeline.
  • Learn about the major projects in the Saudi Arabian construction market, in addition to details of leading contractors and consultants.

How is our ‘Saudi Arabia Construction’ report unique from other reports in the market?

  • Identify and evaluate market opportunities using GlobalData’s standardized valuation and forecasting methodologies.
  • Assess market growth potential at a micro-level with over 600 time-series data forecasts.
  • Understand the latest industry and market trends.
  • Formulate and validate strategy using GlobalData’s critical and actionable insight.
  • Assess business risks, including cost, regulatory, and competitive pressures.
  • Evaluate competitive risk and success factors.

We recommend this valuable source of information to anyone involved in:

  • ​Contractors Including Civil Works, Electrical, HVAC, and Others
  • ​Consultants/Designers
  • ​Building Material Merchants/Players
  • ​Construction Equipment Suppliers
  • ​Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC Firms/Portfolio Managers/Buy-side Firms/Insurance Companies
  • M&A/Investment, Management Consultants, and Consulting Firms

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Saudi Arabia Construction Market Report Overview

The Saudi Arabia construction market size was $148.3 billion in 2023. The market will achieve an AAGR of more than 5% during 2025-2028. The government’s focus on boosting growth in the construction industry by increasing spending and investment in infrastructure, energy, housing, and data center projects will drive market expansion during the forecast period. Furthermore, the market growth will also be supported by the government’s focus on investing SAR192 billion ($51.2 billion) as part of its ‘Shareek’ incentive program.

Saudi Arabia Construction Market Outlook, 2023-2028 ($ Billion)

Saudi Arabia Construction Market Outlook, 2023-2028 ($ Billion)

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The Saudi Arabia construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence Saudi Arabia’s construction market growth in the coming years.

Market Size (2023) $148.3 billion
AAGR (2025-2028) >5%
Forecast Period 2023-2028
Historical Period 2019-2022
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction
Key Contractors ·        Nesma Holding Co Ltd

·        Mofarreh M Al Harbi Est

·        BEC Arabia

·        China Railway Construction Corp Ltd

·        Al-Rashid Trading & Contracting Co Ltd
Key Consultants ·        AECOM

·        SNC-Lavalin Group Inc (AtkinsRealis)

·        Khatib & Alami Holding

·        Jacobs Engineering Group Inc

·        Buro Happold Ltd
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Saudi Arabia Construction Market Segmentation by Sectors

The residential construction sector accounted for the highest market share in the Saudi Arabia construction market in 2023

The key sectors in the Saudi Arabia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The government’s aim to boost the tourism sector, coupled with investments in leisure and hospitality and retail buildings will drive the commercial sector’s growth during the forecast period.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. The government plans to focus on industrialization, to reduce the country’s dependence on oil revenues and boost EV production, which will drive the sector’s growth during the forecast period.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Public and private sector investments in dams, road, and airport infrastructure projects will support the infrastructure sector’s output during the forecast period.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Public and private investments in line with the government’s target to reach a certain renewable energy capacity by 2030 will drive sector growth during 2025-2028.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Budgetary allocations coupled with investments in new healthcare facilities and educational institutions will fuel the growth of the institutional construction sector during the forecast period.

Residential construction: The project types in this sector include single-family housing and multi-family housing. Government initiatives to provide affordable housing as part of their aim to increase homeownership by 2030 will support the residential sector output over the forecast period.

Saudi Arabia Construction Market Analysis by Sectors, 2023 (%)

Saudi Arabia Construction Market Analysis by Sectors, 2023 (%)

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Saudi Arabia Construction Market - Competitive Landscape

Nesma Holding Co Ltd emerged as the leading contractor and AECOM as the leading consultant in the Saudi Arabia construction market in 2023

A few of the leading contractors in the Saudi Arabia construction market are:

  • Nesma Holding Co Ltd
  • Mofarreh M Al Harbi Est
  • BEC Arabia
  • China Railway Construction Corp Ltd
  • Al-Rashid Trading & Contracting Co Ltd

Domestic contractors account for most of the project pipeline in the Saudi Arabia construction market.

Saudi Arabia Construction Market Analysis by Contractors, 2023 (%)

Saudi Arabia Construction Market Analysis by Contractors, 2023 (%)

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A few of the leading consultants in the Saudi Arabia construction market are:

  • AECOM
  • SNC-Lavalin Group Inc (AtkinsRealis)
  • Khatib & Alami Holding
  • Jacobs Engineering Group Inc
  • Buro Happold Ltd

Consultants with headquarters outside Saudi Arabia are involved in most of the project pipeline by value.

Saudi Arabia Construction Market Analysis by Consultants, 2023 (%)

Saudi Arabia Construction Market Analysis by Consultants, 2023 (%)

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Saudi Arabia Construction Market - Latest Developments

  • The Phase I of the Diriyah Gate Development (DG1) project is among the largest commercial pipeline projects in the country. The project includes the construction of Wadi Safar Development, comprising hotels and resorts, Polo Equestrian Club, wildlife sanctuary, golf courses, restoration of historic Wadi Hanifa, and other related facilities.
  • The largest project in the industrial construction pipeline is the NEOM City: Oxagon project which involves the construction of industrial buildings, storage facilities, and other related infrastructure works.

Segments Covered in the Report

Saudi Arabia Construction Sectors Outlook (Value, $ Billion, 2019-2028)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction
Larsen & Toubro Ltd

Mofarreh M Al Harbi Est

Almabani General Contractors

National Marine Dredging Co

Buro Happold Ltd

D G Jones & Partners

Khatib & Alami Holdinge

Dar Al-Handasah Consultants Shair and Partners Holdings Ltd

Egis Group

Table of Contents

  • 1. Executive Summary

  • 2. Construction Industry: At-a-Glance

  • 3. Context

    • 3.1. Economic Performance

    • 3.2. Political Environment and Policy

    • 3.3. Demographics

    • 3.4. Risk Profile

  • 4. Construction Outlook

    • 4.1. All Construction

      • 4.1.1. Outlook

      • 4.1.2. Latest news and developments

      • 4.1.3. Construction Projects Momentum Index

    • 4.2. Commercial Construction

      • 4.2.1. Outlook

      • 4.2.2. Project analytics

      • 4.2.3. Latest news and developments

    • 4.3. Industrial Construction

      • 4.3.1. Outlook

      • 4.3.2. Project analytics

      • 4.3.3. Latest news and developments

    • 4.4. Infrastructure Construction

      • 4.4.1. Outlook

      • 4.4.2. Project analytics

      • 4.4.3. Latest news and developments

    • 4.5. Energy and Utilities Construction

      • 4.5.1. Outlook

      • 4.5.2. Project analytics

      • 4.5.3. Latest news and developments

    • 4.6. Institutional Construction

      • 4.6.1. Outlook

      • 4.6.2. Project analytics

      • 4.6.3. Latest news and developments

    • 4.7. Residential Construction

      • 4.7.1. Outlook

      • 4.7.2. Project analytics

      • 4.7.3. Latest news and developments

  • 5. Key Industry Participants

    • 5.1. Contractors

    • 5.2. Consultants

  • 6. Construction Market Data

  • 7. Appendix

    • 7.1. What is this Report About?

    • 7.2. Definitions

    • 7.3. CRI Methodology

  • 8. About GlobalData

  • 9. Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Saudi Arabia, Key Economic Indicators

Table 3: Saudi Arabia, Commercial Construction Output by Project Type (Real % Change), 2019-28

Table 4: Saudi Arabia, Top Commercial Construction Projects by Value

Table 5: Saudi Arabia, Industrial Construction Output by Project Type (Real % Change), 2019-28

Table 6: Saudi Arabia, Top Industrial Construction Projects by Value

Table 7: Saudi Arabia, Infrastructure Construction Output by Project Type (Real % Change), 2019-28

Table 8: Saudi Arabia, Top Infrastructure Construction Projects by Value

Table 9: Saudi Arabia, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28

Table 10: Saudi Arabia, Top Energy and Utilities Construction Projects by Value

Table 11: Saudi Arabia, Institutional Construction Output by Project Type (Real % Change), 2019-28

Table 12: Saudi Arabia, Top Institutional Construction Projects by Value

Table 13: Saudi Arabia, Residential Construction Output by Project Type (Real % Change), 2019-28

Table 14: Saudi Arabia, Top Residential Construction Projects by Value

Table 15: Saudi Arabia, Key Contractors

Table 16: Saudi Arabia, Key Consultants

Table 17: Saudi Arabia, Construction Output Value (Real, $ Million)

Table 18: Saudi Arabia, Construction Output Value (Nominal, SAR Million)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: Middle East and North Africa, Construction Output (Real % Change), 2022-28

Figure 2: Saudi Arabia, Construction Output by Sector (Real % Change), 2022-24 and 2025-28

Figure 3: Saudi Arabia, Risk Summary

Figure 4: Saudi Arabia, Risk Regional Comparison

Figure 5: Saudi Arabia, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28

Figure 6: Saudi Arabia, Construction Output Value, by Sector (Real, $ Million), 2019-28

Figure 7: Saudi Arabia, Construction Value Add (SAR Million, 2018 Constant Prices)

Figure 8: Saudi Arabia, Gross Fixed Capital Formation in Construction (SAR Million, 2018 Constant Prices)

Figure 9: Saudi Arabia, Real Estate Loans from Banks (SAR Million)

Figure 10: Saudi Arabia, Real Estate Price Index (2014=100)

Figure 11: Saudi Arabia, Construction Projects Momentum Index

Figure 12: Middle East and North Africa, Construction Projects Momentum Index

Figure 13: Saudi Arabia, Commercial Construction Output by Project Type (Real, $ Million), 2019-28

Figure 14: Saudi Arabia, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 15: Saudi Arabia, Wholesale and Retail Trade, Restaurants and Hotels Value Add (SAR Million, 2018 Constant Prices)

Figure 16: Saudi Arabia, Commercial Real Estate Price Index (2014=100)

Figure 17: Saudi Arabia, Industrial Construction Output by Project Type (Real, $ Million), 2019-28

Figure 18: Saudi Arabia, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 19: Saudi Arabia, Manufacturing Value Add (SAR Million, 2018 Constant Prices)

Figure 20: Saudi Arabia, Mining and Quarrying Value Add (SAR Million, 2018 Constant Prices)

Figure 21: Saudi Arabia, Non-Oil Sector’s Value Add (SAR Million, 2018 Constant Prices)

Figure 22: Saudi Arabia, Total Credit Facilities Provided to Micro, Small, and Medium Enterprises (SAR Million)

Figure 23: Saudi Arabia, Total Merchandise Export (SAR Million)

Figure 24: Saudi Arabia, Industrial, Manufacturing, and Mining and Quarrying Production Index (2010=100)

Figure 25: Saudi Arabia, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28

Figure 26: Saudi Arabia, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 27: Saudi Arabia, Transport, Storage and Communication Value Add (SAR Million, 2018 Constant Prices)

Figure 28: Saudi Arabia, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28

Figure 29: Saudi Arabia, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 30: Saudi Arabia, Electricity, Gas, and Water Services Value Add (SAR Million, 2018 Constant Prices)

Figure 31: Saudi Arabia, Oil Sector’s Value Add (SAR Million, 2018 Constant Prices)

Figure 32: Saudi Arabia, Institutional Construction Output by Project Type (Real, $ Million), 2019-28

Figure 33: Saudi Arabia, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 34: Saudi Arabia, Residential Construction Output by Project Type (Real, $ Million), 2019-28

Figure 35: Saudi Arabia, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 36: Saudi Arabia, Real Estate Value Add (SAR Million, 2018 Constant Prices)

Figure 37: Saudi Arabia, Residential Real Estate Price Index (2014=100)

Figure 38: Saudi Arabia, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 39: Saudi Arabia, Headquarters of Key Consultants (% of Total Project Pipeline)

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