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With NEOM, Is Saudi Arabia set to become world’s largest market for construction?

Saudi Arabia is could become the world’s largest construction market as the kingdom pours vast amounts of money into projects aimed at overhauling and diversifying its economy, according to a report from real estate consultancy group Knight Frank. the UK-based firm projected that Saudi Arabia’s total construction output value will reach $181.5 billion by the end of 2028.

If this figure is achieved it would be an increase of almost 30% from 2023 levels when the output value for the sector reached $141.5 billion. This growth is to come from the desire to execute the Vision 2030 plan, which looks to transform the country’s economy and reduce dependence on money from oil.

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