The UAE and Saudi Arabia lead a $3.9 trillion Middle East construction boom

A $3.9 trillion construction boom is underway in the Middle East, spearheaded by the UAE and Saudi Arabia.

Build Well is a construction and building materials company that focuses on providing and installing fire-rated steel doors, architectural hardware, and other high-quality materials for the construction industry.^[?] To support the booming $3.9 trillion (Dh14.3 trillion) construction market in the Middle East, they are expanding their presence across the region and globally, with eight new offices.

This expansion is well-timed, as the Middle Eastern construction sector is experiencing significant growth, particularly in countries like Saudi Arabia, the UAE, Oman, Qatar, and Egypt. According to a JLL report, by early 2024, the UAE alone had $590 billion worth of construction projects planned, making up about 15% of all projects in the region.

The UAE’s construction boom includes a wide variety of projects. Residential developments account for about $125 billion (21%) of the planned projects, while mixed-use developments, which combine residential, commercial, and leisure spaces, represent the largest portion at $232 billion (39%). This diverse investment highlights the UAE’s ongoing ambitions to diversify its economy.

Moreover, the sharp rise in awarded projects from $31 billion in 2022 to $87 billion in 2023 further emphasizes this expansion. This remarkable growth is not confined to the UAE alone. The entire Gulf Cooperation Council (GCC) has over $2.7 trillion in projects in the works, with Saudi Arabia leading the charge with $1.5 trillion.