As Saudi Arabia invests vast sums to diversify its economy, the country is set to become the world’s largest construction market, according to real estate consultancy group Knight Frank.

The total construction output value of Saudi Arabia is expected to rise to $181.5 billion by the end of 2028, reflecting a 30% increase compared to 2023, states a research report by the London-based Knight Frank.

This growth will primarily come from the development of residential properties and mega projects. The goal is to transition from an oil-dependent economy and attract a significant influx of foreign tourists.

Vision 2030
Launched eight years ago, the Vision 2030 initiative has led Saudi Arabia to commence projects worth over $1.25 trillion.

In 2023 alone, construction contracts valued at more than $140 billion were awarded, most of which are in Riyadh. By 2030, Riyadh aims to grow its population to 10 million, aligning with its plans to host the World Expo in 2030 and potentially the FIFA World Cup in 2034.