MARKET INSIGHT
Middle East construction market revenue 2023–30
500 400 300 200 100 0
2023 2024 Source: Next Move Strategy Consulting 2025 2026 2027 2028 2029 2030
Middle East construction market segments
Renovation
In the UAE, a joint venture between New construction Source: Next Move Strategy Consulting
UAE and Moroccan investors – Dahamco – announced plans in December 2024 to invest nearly $25bn in a green hydrogen and ammonia project in Dakhla, a disputed territory in Western Sahara under Moroccan control. The first phase involves construction of product capacity, with an estimated $4bn investment, aiming for completion by 2031 with future phases rolling out every four to five years. Elsewhere, Chinese steelmaker Hebei Xinfeng Steel revealed plans in December 2024 to invest $1.7bn in an industrial complex in Egypt. The project, spanning 3.8 million square meters, will be developed in two phases over the next five years.
According to GlobalData, the MENA region
currently hosts an industrial construction pipeline valued at $458.5bn, spanning from project announcements through to execution. A slight majority – 51.7% or $237.1bn – remains in the early stages, including pre- planning and planning. Saudi Arabia leads the region with the highest-value industrial project pipeline, totalling $125.2bn, of which $73.1bn relates to projects in the execution stage. The largest project under development is the $54.9bn NEOM city: Oxagon. Currently in the execution phase, this futuristic development includes construction of industrial buildings, storage facilities and infrastructure works, commercial spaces and other associated facilities, all set for completion by 2030.
In December 2024, Dahamco, a UAE-Moroccan private venture, announced its plan to invest nearly $25bn in a green hydrogen and ammonia project in Dakhla.
46 | May 2025 |
www.hoistmagazine.com
Revenues ($ billions)
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