Global real estate consultancy Knight Frank has predicted that the value of construction projects in the Kingdom for all sectors by the end of 2028 will reach $181.5 billion, making Saudi Arabia the largest construction market in the world.
Global real estate consultancy Knight Frank has predicted that the value of construction projects in the Kingdom for all sectors will reach $181.5 billion by the end of 2028. <The value of construction projects in the residential sector is expected to reach US$56.9 billion by 2028, the company said in a report. The energy and utilities sector is a close second, with a value of US$35.1 billion, and is expected to rise to US$46.5 billion by 2028.
The company emphasized that the value of construction projects in the residential sector is expected to reach US$56.9 billion by 2028.
The firm emphasized that Saudi Arabia is witnessing a major boom in construction activities, with the value of construction output for the residential, institutional, infrastructure, industrial, energy and utilities, and commercial sectors reaching US$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, the Saudi Arabia Construction Landscape Review. Global real estate consultancy Knight Frank revealed that since the launch of Saudi Arabia's National Transformation Plan in 2016, project budgets and construction contract volumes in the Kingdom have exceeded $1.25 trillion, Construction Business News reported.
