Thu Sep 19 08:01:00 UTC 2024: ## Saudi Arabia Construction Market Booms on Investment Surge

**Riyadh, Saudi Arabia – September 19, 2024** – The Saudi Arabian construction industry is set to flourish, fueled by robust investment in energy, tourism, and industrial projects, according to a recent report by ResearchAndMarkets.com. The market is projected to grow by 4.6% in real terms in 2024, with an annual average growth rate of 5.1% expected between 2025 and 2028.

This optimistic outlook is driven by several factors, including the government’s National Investment Strategy (NIS), which aims to attract more foreign direct investment (FDI). The NIS also seeks to significantly increase the number of industrial establishments in the Kingdom by 2035, further stimulating construction activity.

Moreover, the Saudi Central Bank (SAMA) reported a significant increase in credit facilities provided to small and medium enterprises (MSMEs) in 2023, suggesting a healthy business environment for construction companies.

The government’s ambitious Vision 2030 plan, which aims to attract 150 million tourists annually, is another key driver. As part of this initiative, the government has already identified 255 tourism infrastructure projects worth SAR6.4 trillion ($1.7 trillion).

Further bolstering the construction sector is Saudi Aramco’s announcement of 99 projects slated for completion between 2024 and 2026. These projects, aimed at increasing oil and gas output, modernizing facilities, and enhancing treatment capacity, encompass diverse areas, including oil and gas extraction, pipelines, and civil infrastructure.

Key projects include the Marjan field gas lift program, Shaybah dry gas handling, and upgrades to Ras Tanura refinery. Significant investments are also planned for the development of three liquids-to-chemicals (LTC) complexes.

With its strong investment climate, ambitious government programs, and ongoing projects in energy, tourism, and industry, the Saudi Arabian construction market is poised for continued growth and prosperity in the coming years.

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