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Saudi Arabia is steadfast in forging ahead with its Vision 2030 goals despite global macroeconomic conditions, resolutely making it the leader of construction projects across MENA. There are over USD $1.1 trillion worth of active projects in Saudi Arabia. KSA’s domestic economy has been displaying a remarkable ability to rebound, with the assistance of various factors such as buoyant international oil prices and government reforms. This is boosting private sector involvement in economic activities and encouraging labor market development. Furthermore, if reform initiatives remain on track while necessary financial resources are committed towards strategically important projects then KSA can expect an optimistic future outlook for its economy.
Check out our latest report on the Saudi Arabia Construction Market to find out more.
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With ambitious projects like Neom project, Red Sea Project, Qiddiya and other new projects in Saudi Arabia being rolled out as part of Saudi Vision 2030 which are globally unique in scope and ambition, the country is undergoing a significant economic transformation aiming for more than US$ 3 trillion investment by 2030 - an endeavour that has been deemed challenging yet achievable. To meet this goal, The Public Investment Fund (PIF) and National Development Fund have taken on greater roles to maintain fiscal diligence within the kingdom's borders. Ultimately these giga-projects seek to stimulate broader growth for years to come.
With its impressive pipeline of projects, the KSA construction industry is in prime position to experience significant growth over the next few years. Keeping pace with trends and demands, 2023 will be a pivotal year for development opportunities across this sector - one that many are looking forward to capitalizing on.
Inward investment will remain strong in 2023 due to the government's commitment towards Vision 2030, as various initiatives and spending drive domestic economic activity.
Funding from sources such as Saudi Arabia's National Development Fund (NDF) and Public Investment Fund (PIF), along with continued success within oil production, should promote non-oil sector growth throughout the year. Additionally, aspects like housing programs and infrastructure development are expected to benefit significantly thanks to dedicated contingent funds addressing pandemic risks.
