Saudi Arabia has over US$1.5 Trillion worth of projects, and still continues to be the next major construction market which will drive the GCC region’s construction industry despite the current slowdown.
Billions of dollars worth stimulus packages were announced to support the economy as well companies and individuals. Although this is not enough to bring the economy back into growth mode, all these measures will help to cushion the fall to a certain extent. 2021 is expected to register growth in contractor awards and construction activity compared to 2020, however, 2022 is when the numbers are expected to stabilize.
Saudi’s long term prospects are promising especially for the construction industry.