Construction in Saudi Arabia: Industry Trends, Application and Forecast to 2024Posted by arshiyashaikh on January 21st, 2021 Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Construction in Saudi Arabia - Key Trends and Opportunities to 2024” under Construction category. The Tourism Flows Market in Saudi Arabia is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports. 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, 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. Request a free sample copy of Saudi Arabia Construction Industry Report @ 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 billion from privatizations over the next five years. This report provides detailed market analysis, information, and insights into Saudi Arabia’s construction industry, including - Scope Reasons to Buy Browse our full report with Table of Contents: http://www.marketreportsonsaudiarabia.com/marketreports/construction-in-saudi-arabia-key-trends-and-opportunities-to-2024/2155087 About Us Contact us at: Like it? Share it!More by this author |