UAE Makes Up 67% Of MENA Region’s Construction Projects
According to JLL’s Construction Market Intelligence report, the MENA region’s construction sector demonstrated strong performance with a total of $101 billion worth of projects awarded in the first half of 2023. The report noted that this is based on insights gathered from industry sources and experts, and shows the sector’s strong performance amid global economic challenges. The largest share of the project value, approximately 67%, came from Saudi Arabia ($44 billion) and the UAE ($23 billion) with both markets recording an increase compared to the same period last year. Although Egypt experienced a decline in the value of awarded projects in the first half of this year as compared to the same period last year, the country has a robust pipeline of upcoming projects. Although Egypt experienced a decline in the value of awarded projects in the first half of this year as compared to the same period last year, the country has a robust pipeline of upcoming projects. In the UAE, the residential sector stood out as the strongest with over $9 billion worth of awarded projects and Dubai alone accounting for approximately 75% of the total value. In addition, both Saudi Arabia and Egypt awarded projects worth $5 billion and $771 million in the sector, respectively. Besides residential, the hospitality and mixed-use segments also emerged as prominent sectors, with KSA's leisure projects contributing $2 billion. Meanwhile, the combined estimated value of the project pipeline in the MENA region exceeded $3 trillion with Egypt, Saudi Arabia, and the UAE collectively owning over 60% of it. Saudi Arabia led the charge with an approximately 35% share, translating to an anticipated value of $1.3 trillion, while Egypt and the UAE both have an estimated value of $500 billion each.
Tags : UAE JLL’s Construction Market Intelligence report MENA region’s KSA's leisure projects estimated value robust pipeline