A Guide to the Middle East Construction Market and Importance of In-depth Analysis

In 2024, the Middle East construction market is witnessing substantial and sudden growth in the construction market. Just like any other industry, the construction market in GCC countries had to suffer for a long period after the pandemic. So, most of the GCC countries experience a decline in the construction market growth till 2021.

During that period, the construction market may encounter slow growth and less construction awards. However, the GCC construction industry has a faster recovery thanks to the increasing prices of oil and restart of the delayed projects. And, it was the start as the Middle East construction sector never had to look back. As the construction market of most GCC countries succeeded to rebound in 2021, this sector had been experiencing a slow yet steady growth since then.

Middle East Construction Market: Segmental and Market Share Analysis

In 2023, the infrastructure segment dominated the Middle East construction market, comprising over 40% of the total share. This segment is projected to maintain steady growth in the foreseeable future, fueled by government investments and the initiation of new projects.

The construction sector in the Gulf Cooperation Council (GCC) region is poised for robust expansion in the short to medium term, surpassing broader economic growth with an estimated annual average of 3.5-4% between 2023 and 2024. This positive outlook is driven by increased project financing stemming from record-high energy export revenues and ongoing efforts across the GCC to implement long-term development plans in both energy and non-energy sectors.

A substantial pipeline of projects exists across various sectors, including energy, power, water, transportation infrastructure, commercial and residential real estate, and industrial developments. This presents lucrative opportunities for domestic and international contractors, consultants, and suppliers to engage in GCC contracts.

The oil and gas sector will continue to dominate contract awards, necessitating construction activities to enhance and maintain production capacity. Additionally, residential and commercial real estate projects, essential infrastructure development such as transportation, power, and water systems, and industrial expansions will further bolster the construction sector and its associated supply chains.

The focus will primarily be on government-backed infrastructure initiatives encompassing highways, railways, seaports, airports, bridges, and water sewage systems. Furthermore, real estate ventures, energy transition projects, transportation enhancements (particularly railway development), capacity building in the energy sector (including oil, gas, and liquefied natural gas production), and industrial expansions are expected to feature prominently in the GCC project pipeline through 2026.

Why PROJECT INTEL?

PROJECT INTEL is a comprehensive source of GCC construction project sales leads, market analysis, forecasting, and company intelligence. It keeps records of every concept, design, tender, under construction, and completed project to give users access to up-to-date construction leads and project details with a complete market analysis for the construction industry. You can learn about the risks, potentials, and opportunities associated with the ever-growing GCC construction market with real-time data. PROJECT INTEL provides over 5 years of construction outlook for GCC countries and with 20+ industry sectors.

With PROJECT INTEL, you can analyze past, ongoing projects for better management and use of data in the future for lead generation. This tool allows you to conduct an in-depth analysis of the construction sector and other GCC countries and find the best strategy and possibilities in the current market to generate new leads and find sales leads and opportunities. 

The PROJECT INTEL portal-

• Enables clients look for sales and opportunities by giving them easy access to real-time data.
• Limits their clients’ search by providing comprehensive details of particular construction projects or companies.
• Helps clients manage their sales pipeline and allow strategic business planning with forecasts.
• Grab new business opportunities with real-time project and company updates.

If you are looking for detailed analysis and real-time data on the construction market in the Middle East countries, learn about the PROJECT INTEL portal and custom packages for all sizes for professionals, SMB, or corporates.