Saudi construction sector to peak at $96bln in 2030
Saudi Arabia's construction sector, the largest in the Arab region, is expected to grow by around 5.3 percent annually to peak at nearly $96 billion in 2030, the former head of the Gulf Kingdom's contractors authority has said.
The sector is currently recording unprecedented growth as a result of an upturn in projects in infrastructure and other sectors, Fahd Hamadi said.
He told the Saudi daily Aleqtisadia on Sunday that the construction sector is projected to swell to around $74 billion this year from nearly $70 billion in 2024.
The construction sector is expected to continue growing in the next years to reach around $91 billion in 2029 and more than $96 billion in 2030, Hamadi said.
'The construction sector in the Kingdom is currently witnessing unprecedented growth with the tendering of major projects and the deployment of new technology…the market here has become a destination for many global companies which are giving a strong push to the construction industry,' he said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Aldar upgraded to ‘A' rating in MSCI ESG Rating assessment
Aldar has been upgraded to an 'A' rating in the latest MSCI ESG Rating assessment, placing the company in the top quartile of real estate companies tracked by MSCI globally. The rating upgrade reflects the company's continued progress in strengthening its environmental, social, and governance practices across its operations in alignment with global sustainability standards. MSCI is a leading global rating agency that evaluates companies' exposure to industry-specific ESG risks and their ability to manage those risks relative to peers. The ratings are widely used by investors to evaluate how companies manage long-term risk and an 'A' rating signals that the integration of ESG principles into the company's long-term strategy is having a tangible impact. Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, said, 'This upgrade reflects the significant strides we've made in embedding ESG as a core principle of how we do business across the group. As we continue delivering on our strategic growth roadmap, we remain committed to responsible value creation and transparency, ensuring we contribute positively to our stakeholders, the local economy, and the environment. Achieving an 'A' rating from MSCI is a strong endorsement of our actions and a motivating step to advance our position within the top quartile of our sector globally.' Aldar's strongest increase in performance came from an improvement in governance practices, with the company's corporate behaviour score, measuring both business ethics and transparency, increasing by 2.1 points, reaching 8.3 out of 10. This is at the top end for the sector in EMEA emerging markets. The best-in-class corporate behaviour, in tandem with gains across environmental assessment category, drove the overall upgrade from MSCI.
Zawya
an hour ago
- Zawya
Dar Al Arkan to issue USD fixed-rate senior Sukuk
Dar Al Arkan Real Estate Development Company plans to issue a USD-fixed-rate, Shariah-compliant 'RegS' senior unsecured Sukuk in the global market. The company has mandated a consortium of banks as joint lead managers and bookrunners to conduct a series of fixed income investor calls starting 24 June 24, according to a bourse filing. The consortium includes ADCB, ADIB, Alkhair Capital, Al Rayan Investment, Arqaam Capital, Bank ABC, DIB, Emirates NBD Capital, First Abu Dhabi Bank (FAB), J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered, and Warba Bank. Following the board's decision on 29 May, the proceeds of the Sukuk will be used for general corporate purposes. Subject to regulatory approvals, the Sukuk issuance will adhere to applicable stabilization rules, including the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) guidelines. As of 31 March 2025, Dar Al Arkan registered 36.29% higher net profits at SAR 209.34 million, compared with SAR 153.59 million in the first quarter (Q1) of 2024. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Presight announces inaugural cohort of global startups joining its AI Accelerator programme
Presight today announced the 10 startups who have won their place as part of the Presight AI-Startup Accelerator, a strategic launchpad designed to propel AI startups to scale with speed, impact, and commercial intent. The announcement follows an evaluation and selection process that attracted 120 applications from AI startups across 17 countries, spanning diverse sectors such as Smart Cities, Fintech, Energy, AI Governance, and Sovereign AI. The shortlisted pool of 15 global finalists was selected to participate in the final pitch days, held on 2–3 June. The event featured in-person pitches in Abu Dhabi at Presight's office and virtual presentations from international startups. Finalists had already raised over US$150 million collectively, backed by leading global accelerators like Microsoft, Google, Alchemist, and Techstars, underscoring the exceptional calibre of applicants. Thomas Pramotedham, Chief Executive Officer of Presight, said, 'The Presight AI-Startup Accelerator is more than a program—it's a strategic growth engine for both visionary startups and Presight itself. We launched this initiative to identify and scale the most promising AI innovations globally, integrate them into our ecosystem, and drive transformative impact across industries. In providing the 10 AI startups with access to infrastructure, mentorship, and market reach, we're accelerating their growth and our own innovation pipeline. This approach allows us to build a portfolio of world-class AI solutions faster and more effectively than traditional R&D or acquisitions. 'Through the evaluation process, we prioritised rigor, readiness to scale, and strategic alignment with Presight's business focus. These 10 startups represent the strongest potential for impact within Presight's ecosystem. The selection process was among the most competitive in the region, and we thank all 15 finalists for their impressive vision and energy.' The ten winning startups selected to join the accelerator include: Derq (UAE, USA): A leading provider of patented AI-powered intelligent transportation systems (ITS) helping cities prevent crashes, solve complex road safety challenges, and improve traffic flow. Resync (Singapore): AI-driven Energy Efficiency and Sustainability solution for the Built Environment. Resync's cutting edge technology provides HVAC optimisation, iFM and Energy Savings for commercial and industrial buildings across Southeast Asia and Middle East. AlphaGeo (Singapore): Provides data, analytics and tools to navigate climate risk and invest in adaptation and resilience. (UAE/Tajikistan): Zypl generates synthetic outliers from its proprietary zGAN model to optimize the performance of AI agents — especially under edge cases and black swans. Focused on financial services use cases, zypl's enterprise AI platform enables banks to reduce defaults, improve fraud detection and increase repayment rates. (Indonesia / Singapore): Provides native AI-powered education and training solutions with adaptive learning pathways for schools, enterprises, and government institutions. Waverity (Azerbaijan): Solves the challenge of limited insights and low accuracy in seismic data interpretation. Using advanced AI algorithms, it enhances image quality, reduces subsurface uncertainty, and accelerates exploration and drilling decisions in the energy sector. Vulcan (UAE): Offers GenAI security, safety, & compliance tools, from assessment through protection. Trusted by leading organizations in the high-tech & public sectors, Vulcan is the GenAI-specific solution to ensure safety, security and operational integrity. NodeShift (UAE, USA): A sovereign AI cloud platform that lets users run LLMs, image, and speech models in one click — securely, on cloud or on-premises. Maiden Century (USA): Developer of a proprietary data science platform designed to help fundamental and systematic investors harness the power of both internal and external data resources to generate powerful investment insights. Cobi (UAE, USA): Offers an AI-powered business intelligence platform designed to enhance customer engagement and product optimisation. A distinguished jury panel evaluated each 10-minute pitch before selecting the final Cohort winners. Members of the judging panel included: Kareem Okeili, Senior Partner Development Manager, Microsoft; Sultan Al Hajji, Senior Adviser to the President of Mohamed bin Zayed University of Artificial Intelligent (MBZUAI); and Darsh Singh Mann, Head of Business Development and Partnerships, StartX by Stanford University. They were joined by a selection of senior management from Presight. The selected startups will now join the Presight AI-Startup Accelerator Bootcamp in Abu Dhabi. This immersion programme includes technical mentoring, strategic market access to scale with potential commercial proof-of-concepts and contracts, product refinement, and investment readiness for the venture capital funding during demo day.
