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Saudi Arabia to lead global construction market with $181.5 bn in contracts by 2028

Saudi Arabia to lead global construction market with $181.5 bn in contracts by 2028

Posted on July 1, 2024   |  

Saudi Arabia aims to become the world's largest construction market, with contracts reaching $181.5 billion by 2028, up 30% from 2023.

The Vision 2030 initiative, focused on economic diversification and infrastructure improvement, drives this growth.

Since Vision 2030 began, Saudi Arabia has launched over $1.25 trillion in projects, including residential and large-scale economic initiatives.

In 2023, construction contracts exceeded $140 billion, with many projects centered in Riyadh.

Riyadh is developing rapidly to host the World Expo in 2030 and potentially the World Cup in 2034.

The goal is to increase Riyadh's population to 10 million by 2030, boosting the need for infrastructure and housing.

Vision 2030 aims to accommodate a growing population and an expected rise in foreign tourists.

These projects are set to transform Saudi Arabia's economy and reduce its reliance on oil.



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