Saudi Arabia's construction sector to grow by 4% between 2024 and 2027 with an inversion of US$44 billion

(MENAFN- LeanFactor Global Communication) Saudi Arabia''''''''s construction industry is expected to grow at a 4% annual rate between 2024 and 2027, confirming its role as a strategic sector for the Saudi Economy by contributing 6% of total GDP, making it the second largest non-oil sector in the country.







In this context, Abdulla Nass & Partners in Saudi Arabia, for which Sarens, world leader in heavy lifting, engineered transport and crane rental solutions, is acting as exclusive consultant through the Sarens Nass Middle East joint venture, positions as a key player in the growth of the industry by helping construction companies in the region not only to develop their projects safely and on time, but also by contributing to reduce their overall costs thanks to the international experience of its staff and the high availability of different crane models and capacities, so that there is always the right solution for each project.







Construction industry according to the latest Construction Market Intelligence report from JLL (Jones Lang LaSalle), the Middle East and North Africa (MENA) region awarded $101 billion worth of construction projects in the first six months of the year, with Saudi Arabia ($44 billion) and the United Arab Emirates ($23 billion) accounting for 67% of the total value of projects.







In a context of high demands on the industry, construction companies must rely on partners to help ensure the success of their projects, optimise their processes and reduce their operating costs. In this sense, having the international support of Sarens multiplies the resources available to offer the companies that use their services the advice and logistics they need. This helps Abdulla Nass & Partners to consolidate its position as a reference in the sector, supported by its knowledge of the local market and its capacity to respond to the needs of its clients.







The Saudi Arabian construction market is characterized by its dynamism and diversity, encompassing sectors such as residential, commercial, industrial, transportation, energy, water and healthcare. Some of the factors driving the growth of this market are the growing population, rising per capita income, tourism development, expansion of the railway network, improved energy efficiency and reduction of carbon emissions. Among these factors, investment in megacity projects, such as Neom, the best known of the Saudi giga-projects, stands out. This megacity covers an area of some 16,000 square kilometers and consists of 10 regions, of which four have so far been announced, including a 170-kilometer-long city called The Line.







"The construction potential of Saudi Arabia is greater than one can imagine, the projects that are being carried out are so large that they require a company with the extensive experience of Sarens, which is present in more than 65 countries, and our partners at Abdulla Nass and Partners with whom we have been working in the region for 20 years as Sarens Nass Middle East, collaborating in the most important constructions in the world in various sectors. These projects will also require collaborative work between companies given their magnitude, so it is important to seek synergies rather than competition.", explains Philippe Verdeure, Sarens Managing Director Projects APAC & ME.

MENAFN17012024007515016246ID1107733055