Apartment StandardUnprecedented world class entertainment projects are happening in Saudi Arabia, The market is witnessing more procurement . Please get in touch. 0000055894 00000 n 590 0 obj <> endobj 0000002156 00000 n The budget for 2022 was set at SAR 955 billion (USD 254.4 billion), of which SAR 42 billion (USD 11.2 billion) was for the infrastructure of transportation, SAR 32 billion (USD 8.5 billion) for general government expenses, and SAR 54 billion (USD 4.4 billion) for economic resources. The report highlights construction activity in the Kingdom of Saudi Arabia in 2022 as well as how the industry is expected to take shape in 2023. 2022 Middle East Construction Labor, Material, Labor Productivity & Cost Databases / PDF's Countries covered includes Bahrain, Egypt, Iraq, Kuwait, Qatar, Saudi Arabia, Turkey, UAE & (6) other . Download PDF (0.18MB) Our global services. Physical assets have complex uses and integrated lifecycles. 0000057989 00000 n 0000028149 00000 n 0000016222 00000 n HWr8}WiJiBrJl&I2dS[HBRv{ [fqhnt>}lVT}E#JO)aLEO9Wd:'PBe6:{u9K Saudi Arabia is forecast to spend between $180 million and $220 million on all categories of construction in 2023. In 2021 the industry is showing signs of recovery with a busy project tender market generated from the Vision 2030 program. We delve into the recent chapter of AECOMs sustainable and digital transformation journey by showcasing how our focus on innovative and transformative solutions are being employed to improve outcomes for our clients and communities. As with previous years, we include as a point of reference a synopsis of typical regional procurement routes, forms of contract and building regulation compliance across the Middle East. Building material prices surge in Saudi Arabia | Arab News . Our global sectors. 0000052885 00000 n 0000000016 00000 n KSA market overview - November 2022 16 November 2022 Our latest KSA report summarises the current asset typology benchmarks with a specific focus on the tender price index (TPI). 0000011701 00000 n There was an error submitting the form. %PDF-1.4 % Construction Cost Benchmarking amid Price Volatility Rising inflation has implications for the construction sector globally, and the Middle East is no exception. Uncover investment opportunities and capital sources all over the world. KSA was the strongest performer across the GCC in terms of the total value of construction project awards by year-end 2020. The Saudi Arabia construction sector is predicted to flourish in the next 6 to 12 months after a challenging couple of years. Within our detailed economic round-up, we discuss the global and MENA regions current economic and construction performance and present the upcoming challenges and expected future opportunities. 0000021268 00000 n KSA construction cost benchmarking report Q2 2021 Download PDF (0.21MB), Thank you for your enquiry. Go beyond cost and risk mitigation. Data Centres Construction Costs Benchmarking Kingdom of Saudi Arabia Q2 2022 Market Highlights Saudi Arabia's construction sector is in a high growth trend, driven by the Kingdom's visionary leader, and Vision 2030. 0062.92.227.B.01. Impact of Price Inflation on Middle East's Construction Sector - JLL MENA This edition of AECOMs Middle East Property & Construction Handbook assesses trends and new opportunities that have presented themselves during another year of recovery. M: +44 (0)7815 081926E: sally.marwaha@thebench.com. Inversely, the outlook for the MENA region, specifically the GCC remains strong as diversification plans continue at a rapid pace and oil prices remain robust. 0000022265 00000 n | 01 April 2020. 0000002093 00000 n Classification of the Construction Industry, For more information about this report visit https://www.researchandmarkets.com/r/kxjwkl-arabia?w=12. Cost of construction to rise by a further 8-9% by . Uncover investment opportunities and capital sources all over the world. SAUDI ARABIA CONSTRUCTION MARKET - Mordor Intelligence 0000128018 00000 n 0000044152 00000 n 0000073261 00000 n Soaring construction costs hit Saudis - Newspaper - DAWN.COM 0000013300 00000 n 0000051661 00000 n VSW!/9B@Ry-O. HWF}W U#lOHH@!n^KNvUYeRSWFh2o`:}RL_. endstream endobj 395 0 obj <>stream We will then delete it safely and securely. Over the years we have grown our services, expertise and capabilities to meet the needs of our clients while also providing added value at every opportunity. Saudi Arabias construction industry continues to lead the MENA region despite macroeconomic conditions impacting the sector globally. 0000025091 00000 n 0000101615 00000 n 0000023236 00000 n 0000091423 00000 n Continued increase in HNWI within prime residential real estate market. Benchmarking Notes Unprecedented world class entertainment projects are happening in Saudi Arabia. 0000028320 00000 n 0000022450 00000 n Please get in touch! Published by Statista Research Department , Jan 3, 2023. 0000113392 00000 n Client bulletins - Media - Currie & Brown Saudi Arabia Construction Outlook Report 2022-2023: 0000027747 00000 n 0000018126 00000 n 0000008941 00000 n All costs are converted into US . Positive outlook Research April 14. 0000052955 00000 n i#_&? Please download the full report to access the reference data. A comprehensive source of construction cost data in the Middle East. 4. Sales of real estate by corporates and owner-occupiers in EMEA raised 25.6 billion in 2022 as disposals of owned properties remain an attractive and viable route to raising capital. Breathe life into old space, or create something brand new to help your people thrive. 0000007886 00000 n 0000001851 00000 n Current Ukraine crisis has since led to a further jump in energy and commodity prices. 0000107192 00000 n 0000027207 00000 n 0000014855 00000 n 379 0 obj <> endobj The Saudi Arabia Construction Cost and Outlook report reviews the change in global commodity prices over the last decade and the main econometrics that have a strong correlation to changes in historical costs for each of the GCC countries. Construction Costs Benchmarking Kingdom of Saudi Arabia Q4 2022 Market Highlights Saudi Arabia's construction sector in particular, driven by the Kingdom's overall popularity on the world stage, increased in line with the Vision 2030. xref The demand for cement falls well short of the installed capacity but from looking at demand centres and supply centres it is clear that logistical challenges could potentially create localized shortages. Go beyond cost and risk mitigation. MEED | Saudi Arabia Construction Cost and Outlook Report 0000123992 00000 n 0000069601 00000 n The Saudi Construction Industry ranks high among the world's largest construction markets. As of October 2022, KSA holds a 35% market share with a recorded $31 billion worth of contract awards against an overall MENA total of $87 billion as tracked by MEED Projects. Thank you for submitting your details. Introduction Construction cost benchmarking is achieved by considering various parameters: General Conditions, Design Proposal, Design Builder's Fee, Overhead, Profit, Procurement Markup, Contingency Allowance, Retainage Application, Change Order Markup for General Contractor and Sub Contractor (OH&P), and Sub Contractor Markup. The construction activity within Buildings, Infrastructure, Industrial, Power & Water, Oil & Gas sectors are explained with major events. 0000002342 00000 n 0Ti 0000122254 00000 n We also take a look at the construction industrys role in reducing global carbon emissions by addressing embodied carbon in construction, and examine the opportunities and challenges faced by public and private sector finances in regard to climate change action and disclosures in financial decision-making. 0000057711 00000 n EBEWE Benchmarking Process and Information | LADBS Residential. As of October 2022, KSA holds a 35% market share with a recorded $31 billion worth of contract awards against an overall MENA total of $87 billion as tracked by MEED Projects. Manufacturing Facility (50,000 150,000 SF, 5 10 miles from city center, excludes manufacturing equipment) $68 to $112 per SF / $732 to $1,205 M2, Food Production / Dairy Facility (45,000 200,000 SF, 5 10 miles from city center, (excludes refrigeration equipment & tri-clover SS process piping systems) $87 to $149 per SF / $936 to $1,603 M2, Warehouse / Logistic Center (35,000 250,000 SF, 5 10 miles from city center) $64 to $110 per SF / $689 to $1,184 M2, High Rise Apartments 5 10 Floors (Private, 5 10 miles from city center) $100 to $167 per SF / $1,076 to $1,797 M2, 3 5 Story Hotel (2 3 Star, 5 10 miles from city center) $105 to $172 per SF / $1,130 to $1,850 M2, 3 5 Story Office (Air Conditioned, 5 10 miles from city center) $108 to $178 per SF / $1,162 to $1,915 M2, Shopping Mall (150,000 350,000 SF Minimal Fit Out), 10 miles from city center $85 to $133 per SF / $915 to $1,431 M2. 0000022546 00000 n KSA Market Q2 2021 The Saudi construction industry has felt the impact of the Covid-19 pandemic perhaps more acutely than other regions. We will be in touch with the latest news and insights. 0000037709 00000 n 0000120516 00000 n Cost of construction up 10-12% YoY; surging cost likely to push up real estate prices. About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. o;_/;Pn>(#I:KHrWz)O2wzM=v`t Gio0$0X~ OT8l1Nn %=j 0 AP 0000085004 00000 n The tough conditions facing the construction sector persisted throughout 2022. 0000115708 00000 n MEED Cost Indices can alsohelp you to minimise your financial risk on projects through a series of new construction cost reports covering the UAE, Qatar and Saudi Arabia. Demand more from your real estate. While the world's economic outlook remains turbulent, the Kingdom's economy remains buoyant. Drawing on their extensive delivery experience, industry-wide knowledge and sophisticated project development tools, Compass facilitates the most proficient path towards project success, overcoming constraints and obstacles to deliver projects effectively and efficiently for their Clients. Industrial and Logistics, Raising capital from corporate real estate, Residential *53z!!|n7Bvvly e?3zu>L=\ hk ?.f0yR\X$6tmJocHLyTZDnXWhoWP8 ^$5as`!7\d,yz}=VHFY$B Fy&FNOf^U_5[q&jHMQ`kVLs%TKyw#AUa(9;m:XkqGaB[ .