03-07-2025
Saudi construction sector touches $587bln in 2024
Saudi Arabia's construction sector grew to nearly 2.2 trillion Saudi riyals ($587 billion) in value in 2024 as the Kingdom pushed ahead with its Vision 2030 economic transformation scheme.
The drive has sharply boosted the number of construction companies in the world's dominant oil exporter to nearly 300,000, said Abdul Majeed Al-Rashoodi, secretary general of the Saudi Contractors' Authority (SCA).
The number of mega contracting firms with 'grade A' ranking also increased from 800 at the start of 2024 to nearly 1,600 at the end of year, which reflects growing interest in the Saudi construction market, he told the Saudi daily Aliqtisadia.
'As for the value of the Kingdom's construction sector, it peaked at nearly SAR2.2 trillion last year…the construction sector in Saudi Arabia is now one of the fastest growing sectors in the world,' Rashoodi said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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