Driven by the momentum of Vision 2030, Saudi's construction sector is undergoing rapid expansion. With infrastructure projects and mega-developments accelerating, the country's construction market is on a strong growth trajectory and is expected to reach a value of USD 96.26 billion by 2030.
Fahd Hamadi, former chairman of the Saudi Contractors Authority, recently stated in an interview that Saudi is the largest construction market in the Arab world. A surge in major project tenders and the adoption of advanced technologies have attracted numerous international companies to enter the local market, injecting robust vitality into the sector.
According to Hamadi's forecast, the Saudi construction market is projected to reach USD 74.11 billion by 2025, with an average annual growth rate of 5.37% over the following five years. By 2029, the market size is expected to hit USD 91.36 billion, and USD 96.26 billion by 2030.
The building materials sector is also experiencing significant growth. By 2025, the market size is expected to reach approximately USD 88.5 billion. Notably, the import value of wood is forecast to increase from USD 2.1 billion in 2024 to USD 2.8 billion. However, rising tariffs and raw material costs have driven up local building material prices, with some categories seeing price hikes of up to 40%.
As major cities like Riyadh continue to expand their demand for hotels and infrastructure, construction investment is expected to rise further. By 2025, hotel investments in Saudi Arabia are projected to grow 30% year-on-year, supporting the kingdom's ambitious goal of welcoming over 150 million tourists annually.
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