According to a recent survey, the value of building contracts awarded in Saudi Arabia increased by 79 percent during the first quarter of 2024 to reach SR118.8 billion ($31.65 billion).
This amount, which follows SR147.1 billion awarded in the third quarter of 2015, is the second-highest on record, according to the most recent US-Saudi Business Council report. In the fourth quarter of 2023, contract values increased by thirty-five percent.
The rise is mostly caused by significant investment in the oil and gas industry, as well as increased activity in the real estate market as a result of Vision 2030 megaprojects and growth in the water industry.
The historical numbers demonstrate Saudi Arabia’s strategic effort, which is supported by growing foreign investment and important alliances. This expansion highlights the Kingdom’s transition into a significant hub for large-scale infrastructure projects, signifying sustained economic improvement and development, despite larger economic concerns.
According to Albara’a Al-Wazir, head of economic research at USSBC, “Saudi Arabia’s construction sector is experiencing exponential growth, marked by significant developments in social and physical infrastructure, enhanced quality of life, and substantial foreign direct investments.”
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