Albany, NY -- (ReleaseWire) -- 07/09/2014 -- This 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 type of construction activity
Analysis of equipment, material and service costs across each project type within 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
Assessment of the competitive forces facing the construction industry in Saudi Arabia, and profiles of the leading operators
Data highlights of the largest construction projects in Saudi Arabia.
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The Saudi Arabian construction industry registered a compound annual growth rate (CAGR) of 6.94% during the review period (2008–2012). Industry expansion was supported by the government’s initiatives to transform the country from an oil-based economy to one more reliant on manufacturing and services. This resulted in significant investments in infrastructure development, which positively affected other markets in the industry. Population growth and a rise in disposable income also increased the demand for residential, commercial and institutional buildings. The industry is expected to record a forecast-period (2012–2017) CAGR of 5.54%, driven by an increase in government expenditure on infrastructure construction.
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This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides:
Historical (2008-2012) and forecast (2013-2017) valuations of the construction industry in Saudi Arabia using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, 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
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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
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According to the Central Department of Statistics and Information, Saudi Arabia’s population increased from 28.4 million in 2011 to 29.2 million in 2012, registering an annual growth of 2.9%. This growth was significantly lower than the last five-year (2008–2012) average rate of 3.2%, as the birth rate (per 1,000) declined from 23.6 in 2007 to 21.8 in 2012. The gender distribution of the population remains skewed, with males accounting for 55% of the total population and females accounting for 45.0%. According to UN estimates, Saudi Arabia’s population is expected to reach 33.5 million by 2020.
The unemployment rate averaged at 5.37% during 2009–2012, but fell to 5.1% in 2013. The reduction has been attributed to government policies in early 2013, aimed at reducing the number of unskilled expatriates in the labor force, which initially had an adverse effect on sectors that were dependent on that form of labor. However, it has resulted in a number of individuals being able to find jobs. Timetric expects this scheme, along with the general economic performance, to bring the unemployment rate down to 4.9% by 2017.
The Gulf Cooperation Council (GCC) is undertaking a railway network project which will connect six GCC states in the Middle East by 2018, at an estimated investment of SAR58.1 billion (US$15.5 billion). Saudi Arabia will be part of the project, which involves the construction of 2,177km of rail line, covering the Gulf coast and extending from Oman to Kuwait, passing through the UAE, Bahrain, Qatar and Saudi Arabia.
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