Middle East Construction Market to be Dominated by Residential Segment Until 2028
Latest government plans and
growing construction GDP in the middle east region are the factors driving the Middle
East construction market growth.
According to TechSci Research report, “Middle East Construction
Market - By Country, Competition, Forecast & Opportunities, 2028”. The Middle East construction
market is expected to register a high CAGR in the future period, due to the
reason that several governments are focusing on smart city plan and for
instance, UAE government is planning to digitalize up to 1,000 government
services and install 2,000 Wi-fi hotspots in the developed locations. Besides,
liberal trade policies in the UAE are inviting foreign investors and helping in
booming the middle east construction market.
Similarly, the (PPP) public-private partnership model is being adopted
over in the countries, which enables the provision of efficient goods and
services at lower costs. In 2020, the Abu Dhabi government announced an
impressive project to purchase USD 2.72 billion worth of infrastructure
partnership projects in various industries, including education, transportation,
and municipal works. The public-private partnership initiative was created as part
of Abu Dhabi's USD 14 billion "Ghadan 21" stimulus project program to
improve countries economic growth rate. Due to this investment with PPP
initiatives, the overall Middle
East construction market is expected to grow during the forecast period. For
instance, on January 2022 - NMDC won a
USD 354 million contract from AD Ports Group for Shamal Development marine
works. The scope of work includes the dredging of 16.8 million cubic meters, a
1.2 km quay wall, and the construction of approximately a 3.8km long detached
breakwater.
In addition, Abu Dhabi has announced a new initiative which will
enhance the urban spaces and nature sites. Investment of Dh 8 billion (USD 2.2
Bn) across the main regions of Abu Dhabi, AI Ain, AI Dhafra to effect 300
enhancements that range from small-level involvements for the regeneration of
large-scale public spaces is done.
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The Middle East construction market is segmented into type, end
user, sector, construction type, and region. Based on type, the market is
segmented into building construction, heavy & civil engineering
construction, and others. Based on end user, the market is segmented into
private and public. Based on sector, the market is segmented into commercial,
residential, industrial, and infrastructure. Based on construction type, the
market is segmented into new construction and repair & maintenance.
Based on country, the market is segmented into Saudi Arabia, UAE,
Qatar, Kuwait, Bahrain, Israel, Iran and Rest of Middle East. Saudi Arabia will
dominate the market in forecast period.
Various Middle Eastern countries such as Saudi Arabia are inclined
towards sale of government services, to attract FDI and increase private sector
participation for construction projects in healthcare, industrial, retailers,
housing, finance, and energy sectors. Additionally, UAE, the most expanded
economy in the GCC region, has made major funds in Dubai. For instance, construction
of Atlantis Hotel, Palm Jumeirah and the Creek Harbour development are the two
largest projects in Dubai.
Key market players in the Middle East Construction Market include:
- Orascom Construction Plc
- Nesma & Partners
Contracting Co. Ltd
- Al Bawani Company
- ALEC Engineering and
Contracting (ALEC)
- Arabian Construction
Company (ACC)
- ASGC Group
- Arab Contractors (AC)
- Al Naboodah Construction
Group
- Almabani General
Contractors
- Airolink Building
Contracting LLC
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“Countries like Saudi
Arabia & Bahrain have high population, due to which authorities of these
countries are moving towards smart construction plants. For instance, the population of Saudi Arabia in 2017 was 33.95
million and in 2020 the population reached 37.20 million, generating an
enormous demand for houses in the years to come and the development of new
cities and government development plans are likely to significantly accelerate
the growth of the construction sector. Saudi Arabia is
working toward its established Vision 2030 program, followed by the
continuation of the country’s associated Giga projects. Construction projects
like NEOM, The Red Sea Project, and AMAALA are anticipated to provide positive
hike. Sportingly, these developments are creating new job roles in construction
and development sector. The Saudi Vision 2030 objective is to create a better
living standards for citizens.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Middle East Construction Market By Type (Building
Construction, Heavy & Civil Engineering Construction, and Others), By End
User (Private, Public), By Sector (Commercial, Residential, Industrial, and
Infrastructure), By Construction Type (New Construction, Repair &
Maintenance) By Country, Competition, Forecast, and Opportunities, 2028”, has
evaluated the future growth potential of Middle East Construction Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Middle
East Construction Market.
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