Saudi Arabia leads global construction activity with USD1.5 trillion pipeline
Insight
KSA Construction Market Intelligence Q1 2024
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Set for a potential 2.1% GDP growth in 2024 and 5.9% in 2025, Saudi Arabia’s progress on numerous Vision 2030 giga projects and infrastructure developments ahead of the upcoming EXPO 2030, has cemented the Kingdom’s position as a leader in construction activity regionally and globally.
Based on insights gathered from industry sources and experts, JLL’s Q1 2024 report reveals that with a USD1.5 trillion pipeline of unawarded construction projects, Saudi Arabia accounts for the lion’s share (39%) of the total MENA pipeline value of USD3.9 trillion. Within the Kingdom’s pipeline, the construction (assets) sector represents USD 950 billion (62%), while transportation, infrastructure, and other utilities account for USD 582 billion (38%).
This report provides updates on market trends, commodities, and their impact on construction costs in the KSA.