ResearchMoz added Latest Research Report titled " Construction Market in Saudi Arabia to 2020: Worldwide Market Size, Shares, Trends, Growth, Survey and Forecast report " to it's Large Report database.
Albany, NY -- (SBWIRE) -- 03/16/2017 -- The Saudi Arabian construction industry will continue to expand over the forecast period (2016–2020), following investments in transport infrastructure, healthcare, manufacturing plants, education facilities, energy and housing projects. However, low oil prices present significant negative risks to the forecast.
The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 7.05% over the forecast period, up from 6.35% during the review period (2011–2015).
The government will continue to invest in healthcare, education and infrastructure construction to diversify the country's economy away from oil and to support economic growth. The government's White Land Tax initiative to address the country's housing shortage will also support industry growth.
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There are, however, risks associated with the Saudi Arabian construction industry outlook, most notably low oil prices, a slowdown in economic growth, a large budget deficit and military intervention in Yemen.
Falling oil prices are expected to affect the growth prospects of the Saudi Arabian construction industry, as the country generates 73% of its total revenue from the oil sector.
Timetric's Construction in Saudi Arabia – Key Trends and Opportunities to 2020 report provides detailed market analysis, information and insights into the Saudi Arabian construction industry including:
- The Saudi Arabian construction industry's growth prospects by market, project type and construction activity
- Analysis of equipment, material and service costs for each project type in Saudi Arabia
- Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Saudi Arabian construction industry
- Profiles of the leading companies in the Saudi Arabian construction industry
- Data highlights of the largest construction projects in Saudi Arabia
- This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides:
- Historical (2011-2015) and forecast (2016-2020) valuations of the construction industry in Saudi Arabia using construction output and value-add methods
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including regulation, cost management, funding and pricing
- Detailed profiles of the leading construction companies in Saudi Arabia
- Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using Timetric's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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The government will cut subsidies and public spending, and increase domestic fuel prices and taxes to offset falling oil prices. A decrease in oil prices forced the government to reduce budget spending in 2016. However, the government has stated that key economic development projects will not be affected. It declared the total spending of SAR840.0 billion (US$224.0 billion) in the 2016 budget.
Saudi Arabia is facing a housing shortage. Despite the construction of a large number of housing units, supply is relatively low when compared to demand. According to Saudi Arabia's housing ministry, 3.0 million new housing units are required to be built by 2025 to address the shortage.
The Council of Ministers of Saudi Arabia approved the White Land Tax law in November 2015, to tackle the country's housing shortage and revitalize the economy. Owners of undeveloped urban land will have to pay an annual tax of 2.5% of the value of the land. Through the law, the government aims to encourage housing construction on empty urban land to avoid costly desert development.
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