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レポート概要
| 本調査レポートでは、建設のサウジアラビア市場について調査・分析を行い、イントロダクション、調査手法、エグゼクティブサマリー、市場インサイト、市場動向、セクター別分析、競争状況、投資分析、主要インフラ開発プロジェクト、市場の未来などを掲載しています。 |
The Saudi Arabian construction market was valued at around USD 37 billion in 2020 and is expected to register a CAGR of 5.2% over the forecast period, 2021–2026.
Prior to the Covid-19 outbreak, it was reported that the infrastructure and construction industry in Saudi Arabia was amongst the largest in the Gulf Cooperation Council (GCC) region, with more than USD 825 billion worth of planned and unawarded projects. The industry had seen growth in the contracts awarded – from USD 11.2 billion in 2016 to USD 14.6 billion in 2018. The total value of construction contracts awarded in Saudi Arabia during the third quarter (Q3) of 2020 collapsed by 84% on figures for the same period in 2019 as the economic impact of the COVID-19 pandemic continued to spread.
The Saudi Arabian construction market is expected to witness significant growth and offer lucrative potential, due to its Vision 2030, NTP 2020, and several ongoing reforms to diversify away from oil. The Vision 2030, NTP 2020 and private sector investment boost, and the ongoing reforms are likely to be the growth drivers for the Saudi construction market in 2018 and beyond.
Currently, the country’s economy is entering a post-oil era in which the kingdom’s mega-cities, which are under construction, will provide the country’s future growth.
According to the industry sources, more than 5,200 construction projects are currently ongoing in Saudi Arabia at a value of USD 819 billion. These projects account for approximately 35% of the total value of active projects across the Gulf Cooperation Council (GCC).
Saudi Arabia’s Vision 2030, along with a significant investment in housing and infrastructure development promoted across the country by local authorities, are revitalizing the construction industry and generating interest in a growing number of international players.
The urban construction sector is the largest contributor to the construction sector expansion, with 3,727 active projects valued at USD 386.4 billion. The utility sector is the second largest contributor with 733 projects worth USD 95.6 billion, followed by transportation with 500 projects valued at USD 156.2 billion.
Some of the major urban construction projects in Saudi Arabia include the King Abdullah Security Compounds (Phase 5), and the Grand Mosque (Holy Haram Mosque expansion), each valued at USD 21.3 billion and developed by the Ministry of Municipalities and Rural Affairs in Makkah.
Key Market Trends
Giga Projects in Saudi Arabia
The significance of construction in Saudi Arabia is underscored by its suite of giga projects; transport and mobility schemes, such as Riyadh Metro; social infrastructure developments, such as the Ministry of Housing’s Sakani program; and energy megaprojects, such as the state-owned Aramco’s Berri and Marjan oil fields.
Saudi Arabia’s top construction projects of 2019
Neom, the Red Sea Project, Qiddiya entertainment city, Amaala, Jean Nouvel’s Sharaan resort in Al-Ula, Makkah Grand Mosque – Third Expansion, Jeddah Tower, Ministry of Housing’s Sakani homes, Jabal Omar, Al Widyan, Riyadh Metro, Riyadh Rapid Bus Transit System, King Fahd Medical City Expansion, King Abdullah Bin Abdulaziz Medical Complexes, King Salman Energy Park (Spark), Saudi Aramco’s Berri and Marjan, Hanergy Solar Park, Dumat Al Jandal Wind Power Plant, Saudi Aramco-Total’s PIB factory, Pan-Asia bottling facility.
Neom and the Red Sea Project
Neom
Neom’s development has noted significant progress in 2019. In January 2019, the first flight landed at the trillion-riyal giga project’s site, when national carrier Saudia flew two Airbus A320 aircraft carrying 130 of the project’s staff to Neom Airport. The airport in Tabuk region’s Sharma is registered with International Civil Aviation Organization as OENN.
The flight to Neom was followed by the approval of Neom Bay’s masterplan approval by the Neom Founding Board, chaired by Saudi Arabia’s Crown Prince HRH Prince Mohammed bin Salman bin Abdulaziz. Neom Bay will be the first urban area to be developed within the gig project’s boundaries, which was instructed to complete preparations and start construction work in the first quarter of 2019.
The Red Sea Project
Another one of Saudi Arabia’s gig projects has also made progress in 2019. The Red Sea Development Company (TRSDC), developer of the Red Sea Project.
Phase 1 of the scheme is expected to be completed in 2022 and includes 14 luxury and hyper-luxury hotels that will comprise 3,000 rooms, all across five islands and two inland resorts. TRSDC said its master plan preserves 75% of the destination’s islands for conservation, and designates nine islands as sites of significant ecological value. The master plan’s creation required several redesigns to avoid potentially disrupting endangered species native to the area.
Competitive Landscape
The Saudi Arabian construction market is highly competitive, with the presence of major international players. The Saudi Arabian construction market presents opportunities for growth during the forecast period, which is expected to further drive the market competition. With a few players holding a significant market share, the Saudi Arabian construction market has an observable level of consolidation.
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Economic and Construction Market Scenario
4.2 Technological Innovations in the Construction Sector
4.3 Impact of Government Regulations and Initiatives on the Industry
4.4 Mapping of Industrial Clusters and SEZs and a Brief Analysis of Investment Opportunity
4.5 Review and Commentary on the Extent of Saudi Arabia’s Economy Diversification
4.6 Comparison of Key Industry Metrics of Saudi Arabia with Other GCC Member Countries (Analyst View)
4.7 Comparison of Construction Cost Metrics of Saudi Arabia with Other GCC Member Countries (Analyst View)
4.8 Impact of Covid-19 on the market
5 MARKET DYNAMICS
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Porter’s Five Forces Analysis
5.5 Industry Value Chain Analysis
6 MARKET SEGMENTATION (Market Size by Value and Volume)
6.1 BY SECTOR
6.1.1 Commercial Construction
6.1.2 Residential Construction
6.1.3 Industrial Construction
6.1.4 Infrastructure (Transportation) Construction
6.1.5 Energy and Utilities Construction
7 COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Strategies Adopted by Major Players
7.3 Company Profiles
7.3.1 Bechtel
7.3.2 CB&I LLC
7.3.3 China Energy Engineering Corp. Ltd.
7.3.4 China Railway Construction Corp. Ltd
7.3.5 Fluor Corp.
7.3.6 Tekfen Construction and Installation Co. Inc.
7.3.7 Gilbane Building Co.
7.3.8 Jacobs
7.3.9 AL Jazirah Engineers & Consultants
7.3.10 Al Latifa Trading and Contracting
7.3.11 Afras For Trading And Contracting Company
7.3.12 Al-Rashid Trading & Contracting Company
7.3.13 Al Yamama For Business And Contracting
7.3.14 Mohammed Al Mojil Group Co
7.3.15 Al-Jabreen Contracting Co*
8 INVESTMENT ANALYSIS
9 MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION, SECTOR, CONTRACTORS)
9.1 Existing Infrastructure
9.2 On-going Projects
9.3 Upcoming Projects
10 FUTURE OF CONSTRUCTION SECTOR IN SAUDI ARABIA
11 APPENDIX
12 DISCLAIMER