The construction sector in the GCC expanded by approximately $11 billion in 2023, with nearly half of the increase driven by Saudi Arabia, according to a report by the Arab Monetary Fund (AMF).
The AMF report, released over the weekend, highlighted that Saudi Arabia boasts the largest construction sector among the 21 Arab League nations. The Saudi construction industry contributed around $56bn to GDP in 2023, up from $51bn in 2022, fuelled by the ambitious Vision 2030 development plans.
Overall, the GCC construction sector’s contribution to GDP surged from roughly $130bn in 2022 to nearly $141bn in 2023. The UAE witnessed a notable increase, with its construction sector contributing $41bn in 2023 compared to $37bn in the previous year.
Other GCC countries also experienced growth, with Kuwait’s construction sector rising to $5.4bn from $5.1bn. Bahrain’s sector saw a modest increase to $3.3bn from $3.2bn, while Oman’s remained relatively stable at around $7.2bn.
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