Kuwait’s construction and real estate sectors rebounded in the years preceding the Covid-19 pandemic, following the 2017 unveiling of New Kuwait 2035, the government’s overarching development blueprint, which heralded an extensive infrastructure pipeline. This sparked growth in construction activity, and saw a host of new residential and commercial properties enter the market.In spite…
As the construction industry redefines its priorities to ensure sustainability, there is increasing recognition of the benefits of regenerative architecture as a means of lowering emissions. According to the “2019 Global Status Report for Buildings and Construction” published by the UN Environment Programme (UNEP), the construction sector accounts for nearly 40% of global energy-related greenhouse…
With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 – and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G
Saudi Arabia’s residential housing segment underwent significant expansion in 2019 following several years of muted growth. The government has been the primary driver of this recent uptick in activity, launching a number of regulatory reforms and financing initiatives to increase the availability of affordable housing. Current trends in the segment include an expanding mortgage market, more…
The construction sector is expected to see significant growth over the next decade, led by Vision 2030 programmes. Construction activities gained pace during 2019, with a number of infrastructure plans either announced or initiated. In addition, some major projects are nearing completion, such as the Riyadh Metro, while the Kingdom’s emerging giga-projects are driving optimism in the sector…
Economic and social reforms under the Vision 2030 strategy are driving commercial real estate investment and helping to chart a new course for the sector. Demand for entertainment options is playing a major role in growing multifaceted retail offerings, while the country’s efforts to establish itself as a global business centre and major tourist destination bode well for the hotel segment.…
Saudi Arabia is in the midst of developing a number of large-scale, complex and multi-purpose construction projects that aim to transform the wider economy. The Kingdom’s main giga-projects are NEOM, the Red Sea Project and Qiddiya. Rolled out as part of Vision 2030, these developments are globally unique in scope and ambition, and aim to stimulate broader economic growth. The developments…
Reforms and initiatives under Vision 2030 have led to an increasing number of international investors tapping into Saudi Arabia’s more open and streamlined business environment, with significant growth opportunities identified across a range of non-oil sectors. Indeed, this was reflected in Saudi Arabia being the most-improved country on the World Bank’s 2020 ease of doing business index. The
With a young population and an increasing number of Saudis entering the workplace, the demand for housing and offices is expected to remain high. As housing preferences evolve, with a move away from extended family homes to those based around nuclear families, appetite for smaller affordable units are set to increase. This will boost construction of residential units and drive continued demand for…
In 2018 consolidation marked Saudi Arabia’s construction sector, following a difficult 2017 when the government shelved or paused many unfinished projects. Growth in 2018 was modest at around 4% and the value of contracts awarded was still well below the record years of 2013 and 2014. The year also saw the fall of one of the country’s largest and most successful construction companies,…