Construction in Saudi Arabia - Key Trends and Opportunities to 2023
|出版日||ページ情報||英文 47 Pages
|サウジアラビアの建設市場：主な傾向と機会 Construction in Saudi Arabia - Key Trends and Opportunities to 2023|
|出版日: 2019年04月05日||ページ情報: 英文 47 Pages||
当レポートでは、ドイツの建設市場について分析し、市場全体の構造や将来展望、市場規模 (生産高・付加価値額) の推移と予測（過去5年間・今後5年間分)、各部門の詳細動向と代表的なプロジェクト、各種コスト (材料費・設備費・サービス費用) および活動内容 (新規建設、修理・整備、リフォーム、解体) の動向、今後解決すべき課題、今後の市場機会とリスク、代表的企業のプロファイルなどについて調査・推計しております。
Following three years of contraction, the Saudi Arabian construction industry is expected to recover in 2019, with the industry's output expected to register a growth of 1.9% in real terms that year. This momentum is expected to continue throughout the forecast period (2019-2023), driven by a recovery in crude oil prices coupled with the government's investment towards new oil and gas projects and sewage infrastructure. The government is increasing its total budget spending, which in turn will support investment towards transport infrastructure, healthcare and educational buildings and residential buildings. In the 2019 budget, the government increased its total budget spending by 7.0%, going from SAR1.0 trillion (US$266.7 billion) in 2018 to SAR1.1 trillion (US$293.3 billion) in 2019.
In January 2019, the government announced plans to attract SAR1.6 trillion (US$429.0 billion) of private investment under the National Industrial Development and Logistics Program (NIDLP) over the next 10 years. Under this, the government aims to develop the industrial and transport infrastructure of the country to diversify the country's economy and reduce its reliance on the oil sector. The industry's output value in real terms recorded a compound annual growth rate (CAGR) of -1.39% during the review period (2014-2018), and is expected to post a forecast-period CAGR of 3.04%. The industry is expected to rise from a value of US$106.1 billion in 2018 to US$123.2 billion in 2023, measured at constant 2017 US dollar exchange rates.
Fluctuating oil prices could weigh on growth prospects during the early part of the forecast period, as the country generates 90% of its total export earnings and 87% of the total budget revenue from the oil and gas sector. Low oil prices had a toll on the Saudi Arabian economy - more so than other neighboring Gulf economy, due to its larger population density and higher budget deficit - which forced the Saudi government to impose austerity measures such as a high industrial and corporate tax to control the budget deficit.
The total construction project pipeline in Saudi Arabia including all mega projects with a value above US$25 million - stands at SAR3.7 trillion (US$977.4 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 71.4% of the pipeline value being in projects in the pre-execution and execution stages as of April 2019.
Residential construction was the largest market in the industry during the review period, accounting for 30.3% of its total value in 2018. The market is expected to retain its position over the forecast period, driven by government efforts to build affordable houses and respond to population growth in the country.