Knight Frank, a company specializing in global real estate consulting, confirmed that The residential sector in Saudi Arabia dominates the value of construction projects in the Kingdom, accounting for 31%—or approximately $43.5 billion—of the total project value in 2023.
In a report, the company stated that the value of construction projects in the residential sector is expected to reach $56.9 billion by 2028. The energy and utilities sector ranks 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 across all sectors is expected to reach US$181.5 billion by the end of 2028, making Saudi Arabia the world’s largest construction market.
The firm confirmed that Saudi Arabia is experiencing a major boom in construction activity, with the value of construction output for the residential, institutional, infrastructure as well as the industrial, energy, utilities, and commercial sectors, to US$141.5 billion—a 4.3% increase compared to last year—according to the 2019 report. The latest analysis from global real estate consulting firm Knight Frank is a report reviewing the construction landscape in Saudi Arabia.
