Saudi Arabia’s construction sector is set for significant growth, driven primarily by substantial oil and gas investment. A new report by Research and Markets projects a 5.1% annual growth rate between 2025 and 2028.

State-owned energy giant Saudi Aramco plans to launch 99 projects to increase oil production, enhance processing capabilities, and modernize facilities in the coming years.

These initiatives encompass 58 oil, gas, and petrochemical ventures, 22 pipeline and distribution projects, and 19 civil and marine infrastructure developments. Valued in the billions, notable projects include the Marjan field gas lift program, Shaybah dry gas handling, and upgrades to key refineries.

Among the largest investments are three new liquids-to-chemicals (LTC) complexes at the Yasref, Samref, and Sasref refineries. According to the report, the Saudi construction sector is expected to attain a real growth rate of 4.6% in 2024, supported by investments in energy, tourism, and industrial projects.

Official data indicates that as of June 2024, the kingdom has 255 tourism infrastructure projects valued at $1.7 trillion, aligning with its Vision 2030 goal to attract 150 million visitors annually.

In support of small businesses, the Saudi Central Bank (SAMA) reported an 18.6% year-on-year increase in credit facilities to micro, small, and medium enterprises (MSMEs) in 2023, following a 13.6% rise in 2022.

The government is also advancing its National Investment Strategy (NIS), which aims to improve the investment environment and increase net foreign direct investment (FDI) to support its objective of raising the number of industrial establishments from 8,800 in 2019 to 36,000 by 2035.