Saudi Arabian government in waste management projects in 2023 is expected to drive demand for loaders, excavators, and dump trucks in the country. The government aims to eliminate 82% of waste generated by 2030. Therefore, government fund is also allocated for constructing new waste management facilities across the country in 2023. Investment in renewable energy projects across the country in 2023 is expected to drive demand for mini excavators, cranes, and aerial platforms in the Saudi Arabia construction equipment market.
Saudi's goal 'Vision 2030' plans to build over 555,000 residential units, over 275,000 hotels, 4.3 million square meters of retail space, and over 6.1 million square meters of office space by 2030. Saudi Arabia is building a new smart city, 'NEOM,' valuing USD 500 billion.
The mega project will include several cities, resorts, and other projects. NEOM will build around an area of 25,600 sq. km. in north-western Saudi Arabia, and it will consist of ten projects built across four regions - the Line, OXAGON, TROJENA, and Sindalah. THE LINE includes a 170-km linear city, which expects to encompass 9 million people.
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