Saudi Arabia is poised to overtake the US as the world’s largest building market. This is because the kingdom has made large financial investments in initiatives aimed at diversifying the economy.  

The country’s total construction output value would reach $181.5 billion by the end of 2028, marking an increase of nearly 30% from 2023 levels.

This surge in construction activity is expected to be driven by residential properties and so-called giga projects, along with other developments integral to Crown Prince Mohammed bin Salman’s Vision 2030 initiative. This ambitious plan aims to transform the oil-reliant economy and will need to accommodate a growing population as well as an anticipated influx of foreign tourists.

We are currently witnessing a historical transformation unfolding in Saudi Arabia with construction projects standing out in their design scale and value.

Saudi Arabia has initiated projects worth over $1.25 trillion since the Vision 2030 concept was introduced eight years ago.

Despite some projects being shelved and most remaining unfinished, the kingdom is working nonstop to meet the 2030 deadline.

Construction contracts topped $140 billion just in 2023, and the majority of them were in Riyadh, the capital of Saudi Arabia, which will have 10 million residents by 2030.

As the kingdom gets ready to host the World Expo in 2030 and possibly the World Cup in 2034, its capital city has grown into a major hub.