Dublin, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The "Construction in Saudi Arabia - Key Trends and Opportunities to 2024" report has been added to ResearchAndMarkets.com's offering.
Prior to the COVID-19 outbreak, Saudi Arabia's construction sector had posted growth for the first time in four years, expanding by 4.1% in 2019 in real terms - an outturn that was better than expected. A key pillar of its Vision 2030 program is increasing non-oil economic growth, which accelerated at the fastest pace in four years in the second quarter of 2019. However, amid the worsening situation with regards to the COVID-19 outbreak and low oil prices. The construction industry is expected to contract by 1.8% in 2020.
The downgrade reflects the soaring number of COVID-19 cases and the reinstatement of lockdowns after an initial easing, as well as the uncertainty regarding the degree to which the government will be able to offset its oil revenue losses and stabilize its debt burden in the short term. The Saudi government's revenues will suffer from the low oil prices, and this will likely impact the government's economic spending program and all mega infrastructure projects in the pipeline. The Ministry of Finance has instructed government bodies to submit proposals to cut this year's spending by 20% to 30%.
This will likely take the shape of postponed projects and delays in awarding contracts. The Kingdom had initially projected a budget deficit of US$50 billion in 2020, with spending at US$272 billion. The budget shortfall is expected to jump considerably, given the decline in crude prices. Saudi Arabia needs a crude price of about US$80 per barrel to balance its budget. The government's diversification drive will be severely disrupted. Social infrastructure and oil and gas projects now have the highest priority in terms of prioritizing investments, but the pace of spending will slow.
This report provides detailed market analysis, information and insights into the Saudi Arabia's construction industry, including -
Saudi Arabia's construction industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Saudi Arabia's construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline
This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides -
Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Saudi Arabia, featuring details of key growth drivers.
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
Listings of major projects, in addition to details of leading contractors and consultants
Key report benefits:
Identify and evaluate market opportunities using the publisher'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.
Formulate and validate strategy using the publisher's critical and actionable insight.
Assess business risks, including cost, regulatory and competitive pressures.
Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-A-Glance
3.1. Economic Performance
3.2. Political Environment and Policy
3.4. Covid-19 Status
4 Construction Outlook
4.1. All Construction
4.1.2. Latest News and Developments
4.1.3. Construction Projects Momentum Index
4.2. Commercial Construction
4.2.2. Project Analytics
4.2.3. Latest News and Developments
4.3. Industrial Construction
4.3.2. Project Analytics
4.3.3. Latest News and Developments
4.4. Infrastructure Construction
4.4.2. Project Analytics
4.4.3. Latest News and Developments
4.5. Energy and Utilities Construction
4.5.2. Project Analytics
4.5.3. Latest News and Developments
4.6. Institutional Construction
4.6.2. Project Analytics
4.6.3. Latest News and Developments
4.7. Residential Construction
4.7.2. Project Analytics
4.7.3. Latest News and Developments
5 Key Industry Participants
6 Construction Market Data
7.1. What is This Report About?
For more information about this report visit https://www.researchandmarkets.com/r/4kcuvj
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