Saudi Arabia Construction Market - Growth Analysis and Forecast 2022
Posted by Bharat Book on June 16th, 2018
Bharat Book Bureau Provides the Trending Market Research Report on “Construction in Saudi Arabia - Key Trends and Opportunities to 2022” under Heavy Industry category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
Construction in Saudi Arabia - Key Trends and Opportunities to 2022 report provides detailed market analysis, information and insights into the Saudi Arabian construction industry, including:
- The 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 the industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
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Construction activity in Saudi Arabia was weak during 2016-2017, due to the impact of low oil prices, which led to the implementation of various austerity measures by the government. Reduced public expenditure coupled with weak investor confidence led to a decline in construction activity.
The industry is expected to experience slow growth during 2018, as the economy begins recovering from the collapse in oil prices. The industry is expected to gain momentum from 2019, however, supported by a probable rise in oil prices and a gradual improvement in economic conditions.
The government’s effort to diversify the economy in order to reduce its dependence on the oil sector is also expected to bode well for the industry over the forecast period (2018-2022). In April 2016, the government launched the Vision 2030 program, under which it aims to increase the share of non-oil sector revenues from SAR163.0 billion (US.5 billion) in 2016 to SAR1.0 trillion (US6.7 billion) in 2030.
In real terms, the industry’s output value increased at a review-period (2013-2017) compound annual growth rate (CAGR) of 0.97%, and is expected to post a forecast-period CAGR of 2.52%.
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