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Saudi Arabia’s construction market to exceed $90 billion by 2029

Saudi Arabia’s construction market to exceed $90 billion by 2029

Posted on January 2, 2025   |  

Saudi Arabia's construction market, currently worth $70.33 billion, is expected to reach $91.36 billion by 2029, fueled by Vision 2030 and investments in infrastructure and real estate.

Riyadh is emerging as a major investment hub, with more than $20 billion in active projects.

The value of new projects is slowing, but the shift to execution stages will boost future spending.

Key projects like Diriyah Gate, King Salman Park, and Expo 2030 are driving Riyadh’s economic growth.

The demand for Grade A offices, residential spaces, and hotels is rising, with hotel investments expected to grow 30% by 2025.

The Kingdom plans to attract 150 million visitors annually by 2030, with new tourism experiences and sustainability shaping the hospitality industry.

Population growth and urban expansion are pushing up residential demand and office rents, which have increased by 21% year-on-year.



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