The first quarter saw continued growth in Saudi Arabia's building industry

According to a recent poll by the Royal Institution of Chartered Surveyors, Saudi Arabia's construction sector maintained its strength in the first quarter of 2023 and recorded a record reading as a result of increased workloads.

The headline Rics Construction Activity Index for Saudi Arabia showed a positive 69 net balance rating in the three months to the end of March, up from the +65 value seen in the previous quarter.

According to a statement released by Rics, "Construction workloads continue to post solidly positive readings, with infrastructure reporting an exceptional +86 net balance that is a record positive result since the Rics construction monitor began assessing Saudi Arabia in the third quarter of 2018."

Private residential and private non-residential workloads both had excellent outcomes.

However, it continued, the kingdom's construction industry is being constrained, just like it is everywhere else in the world, by a lack of skilled labor and high material costs.

“Looking ahead, 12-month workload projections are still quite high, with infrastructure demand projected to continue to be the highest,” according to Rics.

"All things considered, the Saudi construction sector, like its real estate sectors, continues to be one of the global leaders and will do so for the foreseeable future."

The greatest economy in the Arab world, Saudi Arabia, is developing a variety of new projects as it works to diversify its economy away from oil. The projects cover a variety of industries, including infrastructure, tourism, entertainment, and real estate.

The survey's findings revealed that the UAE's construction industry also maintained a strong upward trend in the first quarter of this year.

The top line CAI for the Emirates recorded a net balance of +41, which was greater than any previous reading even if it was somewhat down than the +49 reported in the previous quarter, according to Rics.

According to the research, private residential workloads (+51 net balance) contribute the most to the overall favorable picture, followed by infrastructure workloads (+45 net balance) and private non-residential projects (+29 reading).

The whole sector continues to show strongly favorable figures for building activity, which is crucial.

"Looking ahead, 12-month expectations across each segment remain high."

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