US$3 trillion worth of project pipelines were awarded to MENA countries in the first half of 2023, according to JLL Real Estate
This is part of insights revealed by JLL on the construction industry from the company's Construction Market Intelligence report 2023.
During this period, projects totalling US$101bn were awarded to the MENA region, with 67% of the total value jointly going to Saudi Arabia (US$44bn) and the UAE (US$23bn).
Egypt's construction market is expected to grow at an average annual growth rate (AAGR) of 9% between 2024 and 2027, driven by transportation, renewable, and residential sectors, according to GlobalData. The Saudi Vision 2030 is expected to serve as the driving force behind continuous efforts at economic diversification, which should propel its construction market size to grow by 4% AAGR between 2024 and 2027.
With more money going into the real estate and infrastructure sectors, the construction market in the UAE is predicted to expand by more than 3% annual growth rate (AAGR) between 2024 and 2027.
The projected average oil price for 2023 is US$85 per barrel, which is US$15 less than the price for 2022. This could result in lower fuel and production costs, opening the door to potential cost savings in transportation and production.
