emphasized Knight Frank a global real estate consultancy, that Residential sector Saudi Arabia primarily dominates the value of construction projects in the Kingdom, accounting for 31% at $43.5 billion of the total project value in 2023.
The value of construction projects in the residential sector is expected to reach USD 56.9 billion by 2028, the company said in a report. The energy and utilities sector is a close second, with a value of $35.1 billion, and is expected to rise to $46.5 billion by 2028.
According to Knight Frank, the value of construction projects in the Kingdom for all sectors by the end of 2028 is expected to reach US$181.5 billion, making Saudi Arabia the largest construction market in the world.
The company emphasized that Saudi Arabia is witnessing a major boom in construction activities, with the value of construction outputs for the residential, institutional andInfrastructure industry, energy and power, utilities and commercial sectors to $141.5 billion, an increase of 4.3% compared to last year, according to the 2019 report. The latest analysis from global real estate consultancy Knight Frank, Saudi Arabia's Construction Landscape Review.
