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Saudi Arabia Procurement News Notice - 88522


Procurement News Notice

PNN 88522
Work Detail Saudi has largest growth The construction sector in the six-nation Gulf Cooperation Council (GCC) swelled by around $11 billion in 2023 and nearly half the increase was in Saudi Arabia. Figures by the Abu Dhabi-based Arab Monetary Fund (AMF) also showed Saudi Arabia has the largest construction sector in the 21 Arab League nations. In its 480-page report released at the weekend, the AMF said there was an increase of around $5 billion in the Saudi construction industry in 2023 while the sector in the remaining members also recorded growth. From around $130 billion in 2022, the contribution of the GCC construction sector to gross domestic product swelled to nearly $141 billion in 2023, according to the report, gave no 2024 figures on the grounds some Arab states have not supplied updated data. The report showed the contribution of the Saudi construction sector to GDP grew to around $56 billion from $51 billion in the same period as the world’s largest oil exporter is pushing ahead with mega projects within its Vision 2030. In the UAE, the sector’s contribution rose to $41 billion from $37 billion while it increased in Kuwait to $5.4 billion from $5.1 billion and in Qatar to around $28.7 billion from $26.4 billion during that period, the report showed. Bahrain’s sector also edged up to $3.3 billion from $3.2 billion while in Oman it remained almost unchanged at nearly $7.2 billion.
Country Saudi Arabia , Asia
Industry Construction
Entry Date 25 Jan 2025
Source https://www.zawya.com/en/projects/construction/gcc-construction-sector-up-11bln-in-2023-uxp1gb4t

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