(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Middle East & Africa Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q2 2023 Update" report has been added to ResearchAndMarkets's offering.
The construction market in Africa and the Middle East region is projected to report steady growth over the next five years. The ongoing construction boom in the Kingdom of Saudi Arabia is expected to lead the regional industry from the short to medium-term perspective. According to a report from McKinsey & Co., Saudi Arabia is projected to spend over US$175 billion annually on industrial and mega projects between 2025 and 2028.
Spending on infrastructure projects, especially in the non-energy sector, is also expected to surge in the United Arab Emirates. The demand for housing is projected to remain buoyant in the Emirati nation, thereby offering growth support to the broader construction market in the region. Overall, the publisher maintains a positive growth outlook for the construction industry in Africa and the Middle East over the next three to four years.
Investment in infrastructure and housing projects is poised to grow significantly in Saudi Arabia
Amid the development of mega projects like the high-tech new city of Neom and the Red Sea resorts of the Kingdom's west coast, the publisher expects spending to grow significantly from the short to medium-term perspective in Saudi Arabia. Over the next three to four years, the Kingdom is also projected to increase its investment towards construction projects like water treatment facilities, bridges, and roads to meet the needs of its rising population. Consequently, the publisher maintains a buoyant outlook for the infrastructure construction sector in the Kingdom from the short to medium-term perspective.
The housing market is also showing signs of strong growth in Saudi Arabia. With authorities announcing projects worth US$17.3 billion or SAR 65 billion in the housing segment in September 2023, the publisher expects the pipeline of housing-related projects to grow substantially over the next five years. The National Housing Company initiated three residential projects in the outskirts of Al-Forsan and Khuzam, with the goal of improving the quality of life. These projects offer a total of 86,000 housing units, valued at over SAR 42 billion.
Multi-billion-dollar housing projects have been announced in the United Arab Emirates in 2023
The residential construction segment has been a strong-performing sector in the broader construction market in the Emirates over the last three to four years. Even during the global pandemic outbreak, the demand for luxury residential units surged to new levels in the country, which resulted in several high-end housing project launches in the market. The growth in the segment is expected to further continue from the short to medium-term perspective.
Danube Properties, the UAE-based real estate firm, launched a Dh 900 million housing project in June 2023. The project, involving the construction of 750 units, will include smart and sustainable homes that consume less energy and comply with green building standards.
Abu Dhabi Housing Authority, in May 2023, also announced national housing projects worth US$1.9 billion. As part of the plan, a total of 1,742 residential villas are to be constructed by Q2 2027. Q Holding has been selected to design and implement the residential project. Notably, the project includes construction activities in two suburban areas of West Baniyas and Al Samha.
Going forward, the publisher estimates more such project launches in the region, as the demand for housing units is projected to remain resilient from the short to medium-term perspective. This, in turn, will aid the growth of the broader construction market in the Emirati nation.
Africa needs private funding to increase substantially to reduce the infrastructure gap in the region
Africa, compared to the global standards, is lacking significantly in terms of infrastructure development. Private funding has been one of the major reasons behind the infrastructure gap in the region. A large sum of investment is needed to build roads, power plants, ports, and water infrastructure across the African continent.
The region, however, is struggling to attract private financing, as it declined by half in H1 2022 compared to the year before. India and China, on the other hand, have seen their funding nearly double during the period. For Africa to attract global private funding, the continent needs to have predictable regulatory regimes and investable projects. Furthermore, there is a need for trust and coordination between government entities, financiers, construction firms, and other stakeholders.
This report provides data and trend analyses on Middle East & Africa construction industry, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 1,500+ charts and 1,200+ tables. It details market size & forecast, top cities construction data, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
This title is a bundled offering, comprising 13 country reports. Each country report covers the following modules:
Market Dynamics by Value, Volume, and No. of Units: Provides a comprehensive data-centric view of size and structure, industry dynamics, and end market opportunities in the building and infrastructure construction industry. Residential Construction Outlook: Provides market analysis by type of construction, development stage, price point, and key cities. KPIs include value, volume and number of units. Commercial Construction Outlook: Provides construction outlook by value and volume across office buildings, retail buildings, hospitality buildings, restaurant buildings, and sports facilities. Institutional Construction Outlook: Provides construction outlook by value and volume across manufacturing plant buildings, metal & material processing buildings, chemical & pharmaceutical buildings. Industrial Construction Outlook: Provides construction outlook by value and volume across manufacturing plants, and educational buildings. Infrastructure Construction Outlook: Provides growth dynamics and market analysis by three key sections such as marine and inland, utility system and transport infrastructure construction. City Level Analysis: Provides outlook of top 10 cities by construction value for each country.
Scope
KPIs covered include the following:
Market size by value Market size by volume of construction Number of units Economic Indicators
Top Cities Construction Data
Residential Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Housing type (multi family, single family) Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation) Price point/income level (luxury, mid-tier, affordable) Construction stage (new construction, re-development & maintenance)
Residential Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Green building by Housing type (multi family, single family) Green building by Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation) Green building by Price point/income level (luxury, mid-tier, affordable)
Commercial Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Office (further broken down by Grade A, Grade B, and Grade C) Retail (further broken down by Grade A, Grade B, and Grade C) Hospitality (further broken down by Grade A, Grade B, and Grade C) Restaurant (further broken down by Grade A, Grade B, and Grade C) Entertainment Sports facility Other commercial building construction Construction stage (new construction, re-development & maintenance)
Commercial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Office green building construction Retail green building construction Hospitality green building construction Restaurant green building construction Entertainment green building construction Sports facility green building construction Other commercial green building construction
Industrial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units)
Manufacturing Plants building construction Chemical & Pharmaceutical building construction Metal & Material Processing building construction Construction stage (new construction, re-development & maintenance)
Institutional Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Healthcare construction Educational construction Other building construction Construction stage (new construction, re-development & maintenance)
Institutional Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
Healthcare green building construction Educational green building construction
Infrastructure Construction Sectors: 10- year market size & forecast in value terms by
Marine and inland water infrastructure Utility system construction (oil and gas infrastructure, communication infrastructure, power infrastructure, water and sewer infrastructure) Transportation infrastructure (highway, street and bridge construction, railway construction, airport construction, and tunnel construction) Construction stage (new construction, re-development & maintenance)
Green Infrastructure Construction: 10- year market size & forecast in value terms
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