Saudi Arabia’s Construction Contracts Reached $32 Billion in Q1 2024

In Q1 2024, Saudi Arabia’s construction contracts surged to $32 billion, reflecting a remarkable 79% increase compared to the previous year. This growth is primarily driven by the Kingdom’s ambitious mega-projects, which are central to the Vision 2030 agenda. These projects, encompassing sectors such as infrastructure, real estate, and tourism, are expected to continue driving economic growth and attracting foreign investment. The significant rise in construction contracts highlights the Kingdom’s ongoing commitment to large-scale development and its strategy to diversify the economy away from oil dependence.

“$32 billion in contracts awarded in Q1 2024.”

“Mega-projects fuel construction boom.”

“Vision 2030 spurs economic growth.”