Market Trends of Middle-East and Africa Buildings and Construction Sheets Industry
This section covers the major market trends shaping the MEA Buildings & Construction Sheets Market according to our research experts:
Construction Activities Playing a Significant Role in the Construction Sheets Market
Following volatile global markets throughout 2020, 2021 was expected to be a year of economic recovery. Construction activity is a key market indicator for economic revival, and MEED Projects recorded a rebound to the overall MENA project awards' value in 2021 of USD 156 billion. KSA represented the highest value of awarded projects for 2021 with a recorded USD 41.3 billion, considering a remarkable result considering ongoing challenges driven by the COVID-19 pandemic.
Infrastructure recorded a strong performance of project awards across MENA in 2021, with Egypt awarding USD 6.9 billion, USD 3 billion in Saudi Arabia, and USD 973 million in the United Arab Emirates. Within the construction project awards, the residential sector was consistently the busiest market across Egypt, Saudi Arabia, and the United Arab Emirates. The highest performing construction sectors in terms of total value awarded are identified in the graphs below.
Saudi Arabia Dominating the Construction Market in MENA Countries
Saudi Arabia is working toward its established Vision 2030 program, supported by the continuation of the country's associated Giga projects. Projects like NEOM, The Red Sea Project, and AMAALA are expected to provide new opportunities to own property on the West Coast. In parallel, these developments are creating jobs in construction and development, employment opportunities within the hospitality sector, and resulting in investment in infrastructure and renewable energy. Vision 2030 aims to create a better quality of life alongside a diversified economy that emphasizes sustainability, education, and hydrocarbon facilities.
The planned projects across the country highlight the effort toward economic, social, and cultural diversification, aligned with the 2022 budget announcement with an investment focus on the education, healthcare, and social development sectors. In Q4 2021, Saudi Arabia was one of five countries to submit its bid to host EXPO 2030 in its capital city, Riyadh.
