The contracting sector in Medina achieved a growth during the year 2024 by 31.1% in the volume of sector activities, compared to the previous year, supported by a number of mega projects implemented in Medina, expansion and maintenance works in the Prophet's Mosque and its surrounding facilities, and government support for housing projects and real estate initiatives.
A report issued by the Madinah Chamber has reviewed the most prominent factors supporting the activity of the contracting and construction sector in Medina during the recent period. A report issued by Medina Chamber, reviewed the most prominent factors supporting the activity of the contracting and construction sector in Medina during the recent period, most notably the increase in investments in the real estate sector, the high demand for residential units and commercial complexes, in addition to the improvement of the business environment and investment climate, facilities for granting licenses to local and foreign contractors, and increased competition in the market.
Report issued by Medina Chamber. <The report pointed out that the construction of sustainable infrastructure projects, such as the development of roads, bridges, water, electricity and sewage networks, the increase in maintenance and operation, and the expansion of residential and commercial facilities, have directly contributed to the prosperity of the contracting and construction sector, and have been a tributary to stimulate and support economic development in the region. The report highlighted the economic importance of the contracting sector in Medina through its important role in stimulating economic growth, its contribution to increasing GDP through the implementation of major development projects, being the most employing sector for local and migrant workers, its contribution to reducing unemployment rates and creating job opportunities in the various activities that fall within the sector, as well as the integration of the contracting sector with other sectors such as industry through the production of building materials, engineering and management consulting services activities, and the transportation sector through activities of transporting materials and equipment.
The report emphasized the importance of the contracting sector in Medina through its important role in stimulating economic growth, its contribution to increasing GDP by implementing major development projects, and its contribution to reducing unemployment rates and creating job opportunities in the various activities that fall within the sector. The report emphasized the importance of the contracting sector in stimulating real estate investment through its contribution to the development of residential, commercial and industrial projects, which drives investment in Medina, improving the quality of infrastructure, enhancing the investment environment, as well as enhancing the status of Medina as a tourist and religious destination through the implementation of hotel projects, tourist facilities and infrastructure that accommodate visitors and pilgrims.
The report emphasized the importance of the contracting sector in stimulating real estate investment through its contribution to the development of residential, commercial and industrial projects, which drives the wheel of investment in Medina.
