ISLAMABAD: The outlook for Saudi Arabian construction remains bright as the industry's output value is forecast to rise at a 7.05 percent by 2020, compared with 6.35 percent during the review period (2011-2015).
According to a report from Timetric's Construction Intelligence Center (CIC), Saudi industry is consequently set to rise from a value of $105.6 billion in 2015 to $148.5 billion in 2020, measured at constant 2010 US dollarexchange rates, Saudi Gazette reported.
The growth will be supported by increased government participation and investments in sectors such as health care, education and infrastructure construction to diversify the country's economy away from oil and to support economic growth.
The residential construction market is expected to remain relatively sizable over the forecast period, with 29.3 percent of the industry's total value in 2020.
Furthermore, the energy and utilities construction market is expected to increase in importance over the next five years.
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