Saudi Arabia, the UAE, and Egypt were collectively involved in about 67% of total construction project awards in the province for the year’s first half.
Saudi Arabia Leads the Way with $44 Billion in Construction Contracts
In a substantial leap forward for the Middle East and North Africa (MENA) region’s construction sector, a report by real estate services firm JLL reveals that new project wins exceeded an impressive $101 billion during the first half of 2023.
This surge in construction activity can be attributed to major projects awarded in Saudi Arabia, the UAE, and Egypt.
Saudi Arabia’s Dominance
Saudi Arabia emerged as the powerhouse in the region, with an astounding $44 billion worth of construction contracts awarded during this period. The Kingdom’s commitment to infrastructure and development projects is evident, as it takes the lead in driving the MENA region’s construction sector forward.
The UAE’s Strong Performance
The United Arab Emirates (UAE) was another standout performer, securing $23 billion in new project awards. This significant investment in construction underscores the UAE’s drive to maintain its status as a key player in the global construction and real estate industry.
Egypt’s Resurgence
Egypt, not to be overshadowed, showed a notable uptick in construction activity with $771 million in new project awards. This resurgence in activity demonstrates Egypt’s commitment to stimulating economic growth through infrastructure development and other construction initiatives.
Implications for the Region
The substantial investment in construction across these three key countries in the MENA region signifies not only economic growth but also a commitment to fostering innovation, sustainability, and development.
These projects are poised to create jobs, drive technological advancement, and significantly contribute to the transformation and modernization of the region’s infrastructure.
As the MENA region continues to attract major construction projects, it positions itself as a dynamic and forward-thinking player in the global construction sector.
The construction industry’s remarkable performance in H1 2023 showcases the region’s potential for sustained growth and economic development in the coming years.
