AMF: Construction sector worth $187bn to regional recovery with KSA leading the way
Latest round-up of 2021 figures shows the industry now buoyant after Pandemic:: Saudi Arabia accounts for more than a quarter of region GDP
The Arab Monetary Fund (AMF) has announced that the Arab construction sector is showing full recovery from the impacts of the Covid-19 Pandemic, with its contribution to GDP in 2021 hitting $186.8bn. This is up 4.7% from the previous year’s figures of $178.3bn – which had still shown the legacy of the Pandemic.
The Saudi and UAE construction sectors were the top contributors to the GDPs, with around $45.5bn and $36.8bn, respectively, stated AMF in its recent report.
Egypt ranked third with around $27.3bn, followed by Qatar, $24.1bn, Algeria, $19.8bn, Morocco, $7.7bn, and Oman with $6.4bn.
Meanwhile, elsewhere, construction output ranged from $1bn to $6bn in Iraq, Kuwait, Bahrain, Sudan, Libya, and Jordan, while it contributed less than one billion dollars to the GDPs of other Arab countries.
The Report noted that even the figures of 2021 are likely to be significantly overshadowed by the sector’s more recent growth and relative boom throughout 2022, particularly in terms of the impact of the Saudi ‘giga-projects’.
