Saudi Arabia’s project pipeline estimated at US$1.1 trillion

Supplied by International Construction

Saudi Arabia’s construction industry continues to lead the Middle East and North Africa (MENA) region despite macroeconomic conditions impacting the sector globally, according to JLL’s Q4 2022 KSA Construction Market Intelligence Report.

Saudi Arabia is said to have witnessed the highest value of project awards in 2022, demonstrating its commitment to transforming the country in line with its Vision 2030.

It has been reported that, as of October 2022, the Kingdom of Saudi Arabia (KSA) holds a 35% market share with a recorded USD31 billion worth of contract awards against an overall MENA total of USD87 billion as tracked by media publishing company MEED Projects – formerly Middle East Economic Digest.
 
It is estimated that the country’s pipeline value of unawarded projects is US$1.1 trillion. This includes projects from the study stage right through to the main contractor bid.
 
Approximately 70% consist of construction sector projects with residential, cultural, leisure, and hospitality at the forefront, which is the driving force behind the Vision 2030 strategy.
 
The total value of projects awarded in Saudi Arabia between 2021 and 2025 will reach a total of USD569 billion, with USD85 billion (15%) awarded to date across 2021 and 2022 (end of October).