2 days ago
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)
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