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Saudi Arabia Construction Market Companies Summary

The Saudi Arabian construction market is characterized by a high degree of competition and fragmentation, with numerous major international firms operating within it. These firms see significant opportunities for growth within the market, particularly given the national development plan, Vision 2030, which aims to diversify and privatize the Saudi economy. This plan includes several large-scale projects, such as the Neom Future Cities, Qiddiya Entertainment City, and the Red Sea Project, offering a wealth of construction opportunities for these businesses. The market's competitive nature is expected to intensify as these opportunities increase over the forecast period. Despite the challenges posed by the COVID-19 pandemic, the commitment to this diversification and development plan remained strong, as evidenced by the high value of projects awarded. The market also showed resilience with a growth in the number of buildings constructed. Key players in the market are responsible for a significant portion of projects currently in execution, contributing to the future pipeline value. These businesses face challenges such as global economic volatility affecting delivery lead times and pricing, but the market's potential remains substantial, particularly in sectors such as residential, cultural, leisure, and hospitality construction.