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A report issued by the Saudi-American Business Council revealed a significant increase in Saudi construction sector activity during the year 2022. As the value of contracts returned to pre-pandemic levels; Explaining the increase in the value of contracts awarded during the last quarter of last year, to 71.5 billion Saudi riyals ($19.1 billion), an increase of 37 percent over the comparative period of 2021.

The Kingdom of Saudi Arabia leads the region in new project opportunities and government commitment to major infrastructure investment, with average cost to build in Riyadh seen at $2,379 per sq m, while Doha market activity is cooling after unprecedented World Cup programmes, stated the industry expert in its International Construction Market Survey (ICMS).

The Saudi Arabian construction industry, valued at US$120.4 billion in 2021, is poised for expansion with an anticipated annual average growth rate (AAGR) of 4% or more from 2023 to 2026, according to a report from Gulf Business.