ASIN IQBAL with FRIENDs in Doha QATAR

©️ Saudi Arabia’s Construction Sector: A Trillion-Dollar Market with 5% Annual Growth Until 2030 Saudi Arabia's construction sector is witnessing unprecedented growth, driven by massive investments and large-scale projects. The market is expected to reach $1 trillion within the next decade, according to Minister of Economy and Planning Faisal Alibrahim. 🔅 Mega Projects Reshaping the Market 🔸️ Since the launch of Vision 2030, real estate and infrastructure projects have exceeded $1.3 trillion, including 1.3 million housing units, 100,000 hotel rooms, and 3 million square meters of office space. 🔸️ The construction market is valued at $70.33 billion in 2024, projected to grow to $91.36 billion by 2029, with a 5.37% CAGR. 🔅 Massive Investments Boosting the Sector 🔸️ Minister of Investment Khalid AlFalih confirmed that Saudi Arabia has surpassed its Vision 2030 targets, with investments in the core economy expected to reach $3.3 trillion by 2030, further strengthening the Kingdom’s position as a global investment hub. 🔸️ Hundreds of billions of dollars are being allocated to infrastructure development, positioning Saudi Arabia among the largest construction markets worldwide and opening doors for strategic partnerships between local and international firms. 🔅 Foreign Investments and Strategic Alliances 🔸️ FDI inflows reached $21.3 billion (SAR 79.8 billion) by the end of 2023, marking a 15.7% increase, reflecting global investors’ confidence in the Saudi market. 🔸️ The sector is experiencing a surge in international companies looking to establish partnerships with local firms, fostering knowledge transfer and innovation. 🔅 Building Standards and Sustainability Initiatives 🔸️ Saudi Arabia will implement its updated Building Code starting June 30, 2025, introducing new regulations on seismic design, sustainable construction technologies, and reinforced concrete structures. 🔸️ The new standards aim to enhance project efficiency, reduce risks, and a