With growth projections anticipated for 2024, Saudi Arabia and the UAE are leading the charge in fostering innovation and driving economic expansion within the construction industry.
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Saudi Arabia and the UAE are spearheading advancements in the construction industry throughout the Middle East and North Africa (MENA) region.
Saudi Arabia is leading the charge with a forecasted 4% growth rate for 2024, and the UAE is closely trailing with an anticipated 3% growth rate during the same timeframe. These markets serve as lively centers of construction activity and innovation.
Projections for Market Trends
Saudi Arabia stands out in the regional construction market with its impressive portfolio of capital projects valued at a staggering USD 1.2 trillion in the pre-execution phase, positioning it as a frontrunner.
The following is the UAE, boasting significant capital projects totaling USD 713 billion, while Egypt and Kuwait also contribute with substantial projects.
This upward trend can be attributed to economic growth, population expansion, and a push toward modernization and high-end tourism, particularly in Saudi Arabia.[?]
For instance, Sarens played a pivotal role in the Four Seasons Hotel in Jeddah building, contributing to the region's luxury tourism and economic advancement by lifting and installing trusses for the hotel's ballroom.[?]
The following is the UAE, boasting significant capital projects totaling USD 713 billion, while Egypt and Kuwait also contribute with substantial projects.
This upward trend can be attributed to economic growth, population expansion, and a push toward modernization and high-end tourism, particularly in Saudi Arabia.[?]
For instance, Sarens played a pivotal role in the Four Seasons Hotel in Jeddah building, contributing to the region's luxury tourism and economic advancement by lifting and installing trusses for the hotel's ballroom.[?]
Sarens is a Belgian multinational company that specializes in heavy lift, engineered transport, and crane rental services.
Meanwhile, the construction sector in the UAE is experiencing a surge in activity, driven by a 34% rise in government expenditure on construction for 2024. This includes a focus on energy and public infrastructure ventures such as the Al Maktoum Airport, Dubai Metro Blue Line, and the Etihad Rail, among others.[?]
Endeavors Across the Region
The construction sector in the MENA region is marked by consistent growth and a surge in recent development projects. Effective supply chain management and collaboration play pivotal roles in the success of these endeavors.
With rising demands in the industry, construction firms greatly leverage the expertise and international support offered by partners.[?] The activity collaboration not only guarantees project success but also streamlines operations and cuts down on expenses, fostering continued growth and resilience in the MENA construction sector.
Earlier, we explored the UAE’s investments in transportation and other infrastructure and how it affected the construction market.
With rising demands in the industry, construction firms greatly leverage the expertise and international support offered by partners.[?] The activity collaboration not only guarantees project success but also streamlines operations and cuts down on expenses, fostering continued growth and resilience in the MENA construction sector.
Earlier, we explored the UAE’s investments in transportation and other infrastructure and how it affected the construction market.
