2 min read
The UAE and Saudi Arabia lead a $3.9 trillion Middle East construction boom
by
Anna Fischer
Published 1 Nov 2024
A $3.9 trillion construction boom is underway in the Middle East, spearheaded by the UAE and Saudi Arabia.
Source: Freepik
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.
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.
As the construction services business grows due to increased demand driven by infrastructure, housing and real estate sectors, Build Well has also expanded its operation in the GCC with multiple offices to cater to growing needs of high-quality, durable, cost-effective, green and sustainable products in the Middle East region.
Raji Maalouf
CEO of Build Well
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.
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