Description
The Saudi Arabia Projects Market Report 2024
The Saudi Arabia Projects Market Report 2024 is the latest premium market report from MEED, the leading provider of Middle East business intelligence. It provides a complete picture of Saudi Arabia’s projects market in 2024 and beyond and also assesses the impact of key trends such as decarbonisation, energy transition and digitalisation. The report is of high value to anyone seeking to identify opportunities, understand risks and set strategy in Saudi Arabia.
Included in The Saudi Arabia Projects Market 2024 Report:
- Complete picture of the Saudi Arabian projects market across all sectors
- Review of planned investments and major deals and contracts
- Assessment of new opportunities for business and projects
- Policy priorities in the kingdom
- Projects opportunities with client and procurement details
- Investment drivers and client spending plans
- The impact of key trends including decarbonisation, energy transition and digitalisation
- Assessment of the economic outlook for the kingdom
- Detailed analysis of all the major project sectors in the kingdom, including oil & gas, power & water, construction, petrochemicals, transport and lots, lots more
The report includes proprietary data from MEED Projects.
Opportunities increase as Riyadh accelerates Vision 2030
In April 2016, Saudi Arabia’s Crown Prince Mohammed bin Salman al-Saud unveiled his vision for economic and social reform in the kingdom.
The launch of the Saudi Vision 2030 fired the starting gun for a new era of investment in the kingdom that is accelerating diversification, plugging the housing shortage, opening up tourism and expanding the kingdom’s manufacturing base.
At the core of the Vision 2030 programme, are a series of flagship giga projects that are driving growth, investment and job creation in the kingdom.
These include the $500bn Neom, The Red Sea Project, Diriyah, Qiddiya and AlUla, and others like King Salman Park, Riyadh Sports Boulevard and Jeddah Downtown.
For much of the past five years, these projects largely have been in planning and design, but there has been a marked acceleration over the past 12 months, with contract awards on giga projects totalling $31bn in 2023.
Together they supported Saudi Arabia achieving a record $101bn of awards last year, the highest capital expenditure ever seen by a MENA country, and one of the highest globally. While the giga projects take much of the attention, the oil and gas sectors, water and power each experienced record years of their own.
New challenges
The sharp increase in project activity for Saudi Arabia, for the PIF and for the kingdom’s projects industry creates unique delivery challenges.
Riyadh has a projects pipeline of more than $1.6 trillion and with the step change in project awards, the Kingdom must manage cost inflation, delays, rephasing and the supply chain if it is to successfully deliver its ambitious capital project program.
Other sectors
Outside the giga projects program, massive investment is being made in the oil and gas segment as Saudi Aramco seeks to maintain oil production capacity, increase gas output and processing capability, and tap into unconventional resources. It is also planning three world-scale oil-to-chemical complexes and a new grassroots refinery that will supercharge the hydrocarbons projects market.
In the power sector, Saudi Arabia is looking to achieve 140GW of generation capacity by 2030, most of which will be in the form of renewable energy. And on the transmission and distribution side, Saudi Electricity Company is planning a $120bn capital expenditure program on new substations and overhead lines.
Water is a key priority for Riyadh and 2023 saw a record $15bn of spending on new desalination, water treatment, reservoir and pipeline projects as the government seeks to expand potable water and sewerage provision to the total population as well as increase its storage capacity.
In construction, the National Housing Company’s program to build 500,000 affordable homes for Saudi nationals is well under way, while the new King Salman International Airport in Riyadh and Jeddah’s King Abdulaziz International Airport are being expanded and modernised with an expenditure of more than $70bn.
New opportunities
Riyadh is exploring ways to increase construction capacity in the kingdom, including plans to develop super-contractors involving local and international firms, or through acquiring or investing in local and regional contractors.
But the fastest way to build capacity is to attract international contractors to the market. Companies around the world can see the Saudi opportunity, but many are deterred by its reputation as a difficult place to do business.
Riyadh must rip up the kingdom’s construction playbook and restructure the industry to recruit construction firms as partners rather than contractors. The move to deliver projects through partnerships between government sponsors and contractors will entice international players back into the market.
Riyadh has shown that it is ready to innovate. Legislative updates, such as limiting government contracts to Saudi-headquartered companies and a new emphasis on PPP projects highlight the changes.
Key topics in the Saudi Arabia Projects Market 2024 Report:
- Covers all the main sectors of the Saudi Arabian industry including oil & gas, petrochemicals, power & water, renewables, construction and transport
- Examines Saudi Arabia’s economic policies and plans, assesses investment opportunities in the kingdom
- An update on progress on the Vision 2030 programme and associated projects
- Analyses project spending plans across 14 key market segments including – Oil & gas, petrochemicals, manufacturing, construction, real estate, transport, tourism, power, desalination, renewables and wastewater
- Explains the structure of the Saudi economy and 14 key investment sectors
- Details the main projects under construction and those due to be awarded in the the rest of 2024 and beyond
- Detailed assessment of the outlook for projects in the Middle East’s biggest market
- Outlook for economic transformation in Saudi Arabia
- Projects opportunities with client and procurement details
- Investment drivers and client spending plans
- Understand risks and set strategy in Saudi Arabia
- Identifies the biggest spending clients
- Identifies the most successful contractors
- Identifies risks and opportunities
How is this report different from others in the market?
- A brand new report covering one of the world’s largest and most vibrant EPC projects markets
- In PowerPoint format for ease of use and understanding
- Focus on contracts, tenders and projects using the MEED Projects proprietary database of all known projects in the emirate worth more than $1bn
- The complete and authoritative reference tool for anyone interested in Abu Dhabi’s oil, gas and petrochemical projects market
What is unique about this report?
- MEED’s most comprehensive report ever on Abu Dhabi’s oil, gas and petrochemicals projects market
- MEED’s unrivalled expertise and insight on the Middle East
- Exclusive MEED Projects data
- A unique report that is the authoritative reference tool for MENA projects used by governments, ministries and key clients
All the MEED Insight reports are delivered via email in digital version.
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