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Construction in Saudi Arabia - Key Trends and Opportunities to 2024

Construction in Saudi Arabia - Key Trends and Opportunities to 2024

Summary

Prior to the Coronavirus (COVID-19) outbreak, Saudi Arabia’s construction sector had posted growth for the first time in four years, expanding to 4.1% in real terms for 2019. However, owing to disruptions from plunging oil prices and the pandemic, GlobalData forecasts construction output will contract by 2.8%, and expects a recovery for the sector of 3.3% in 2021. This latest forecast reflects the extended lockdown measures which were cautiously eased in July, along with the departure of an estimated one million expatriate workers in the wake of the economic shutdown, and the uncertainty regarding the degree to which the government will be able to offset its oil revenue losses and stabilize its debt burden in the short term.

Saudi Arabia’s preliminary budget statement showed a cut to government spending of 7.3% in 2021, after VAT was tripled and customs duties increased in July 2020, and despite the economy entering a recession in Q2; this implies that the main policy goal for the Kingdom in the short term is to reduce the budget deficit, rather than boost economic growth. However, there are clear signs that the Kingdom is moving to progress with its Vision 2030. Saudi Arabia approved a new mining law to attract more local and foreign investments in the mining sector, as well as to diversify its economy away from oil. Tourism is another area that is being prioritised. The government is encouraging public-private partnerships (PPPs) under the executive programme. The programme aims to create an attractive investment environment in a bid to increase the quality of infrastructure. Additionally, the Kingdom is looking to sell assets in sectors which were previously not targeted for privatization, such as healthcare and education, as it looks to diversify its revenue base and bring more efficiency to state entities, with authorities aiming to raise a total of more than US$50 billion from privatizations over the next five years.

This report provides detailed market analysis, information, and insights into Saudi Arabia’s construction industry, including -
- Saudi Arabia’s construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Saudi Arabia’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Saudi Arabia, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

Table of Contents
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 GlobalData Construction

List of Tables
Table 1: Construction Industry Key Data
Table 2: Saudi Arabia, Key Economic Indicators
Table 3: Saudi Arabia, Commercial Construction Output by Project Type (Real % Change), 2015-2024
Table 4: Saudi Arabia, Top Commercial Construction Projects by Value
Table 5: Saudi Arabia, Industrial Construction Output by Project Type (Real % Change), 2015-2024
Table 6: Saudi Arabia, Top Industrial Construction Projects by Value
Table 7: Saudi Arabia, Infrastructure Construction Output by Project Type (Real % Change), 2015-2024
Table 8: Saudi Arabia, Top Infrastructure Construction Projects by Value
Table 9: Saudi Arabia, Energy and Utilities Construction Output by Project Type (Real % Change), 2015-2024
Table 10: Saudi Arabia, Top Energy and Utilities Construction Projects by Value
Table 11: Saudi Arabia, Institutional Construction Output by Project Type (Real % Change), 2015-2024
Table 12: Saudi Arabia, Top Institutional Construction Projects by Value
Table 13: Saudi Arabia, Residential Construction Output by Project Type (Real % Change), 2015-2024
Table 14: Saudi Arabia, Top Residential Construction Projects by Value
Table 15: Saudi Arabia, Key Contractors
Table 16: Saudi Arabia, Key Consultants
Table 17: Saudi Arabia, Construction Output Value (Real, US$ Million)
Table 18: Saudi Arabia, Construction Output Value (Nominal, SAR Million)
Table 19: GlobalData Construction Market Definitions

List of Figures
Figure 1: Middle East and Africa, Construction Output (Real % Change), 2020
Figure 2: Saudi Arabia, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Saudi Arabia, COVID-19 Confirmed Cases
Figure 4: Saudi Arabia, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2015-2024
Figure 5: Saudi Arabia, Construction Output Value, by Sector (Real, US$ Million), 2015-2024
Figure 6: Saudi Arabia, Construction Value-Add (SAR Million, 2010 Constant Prices)
Figure 7: Saudi Arabia, Real Estate Price Index (2014=100)
Figure 8: Saudi Arabia, Construction Projects Momentum Index
Figure 9: Saudi Arabia, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 10: Saudi Arabia, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 11: Saudi Arabia, Wholesale and Retail Trade, Restaurants and Hotels Value-Add (SAR Million, 2010 Constant Prices)
Figure 12: Saudi Arabia, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 13: Saudi Arabia, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 14: Saudi Arabia, Manufacturing Value-Add (SAR Million, 2010 Constant Prices)
Figure 15: Saudi Arabia, Industrial and Manufacturing Production Index
Figure 16: Saudi Arabia, Total Merchandise Export (SAR Million)
Figure 17: Saudi Arabia, Non-Oil Sector’s value-add (SAR Million, 2010 Constant Prices)
Figure 18: Saudi Arabia, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 19: Saudi Arabia, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 20: Saudi Arabia, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 21: Saudi Arabia, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 22: Saudi Arabia, Oil Sector’s Value-Add (SAR Million, 2010 Constant Prices)
Figure 23: Saudi Arabia, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 24: Saudi Arabia, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 25: Saudi Arabia, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 26: Saudi Arabia, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: Saudi Arabia, Real Estate Value-Add (SAR Million, 2010 Constant Prices)
Figure 28: Saudi Arabia, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 29: Saudi Arabia, Headquarters of Key Consultants (% of Total Project Pipeline)

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