Seven Arab nations are at the forefront of infrastructure spending in 2024, collectively committing billions of dollars to fuel economic growth and development. The Middle East construction market, valued at $298 billion in 2023, is set to grow to $401 billion by 2030, with a 2.9% annual growth rate.
Saudi Arabia: Transformative Projects Under Vision 2030
Saudi Arabia leads the pack, allocating $10.1 billion for infrastructure and transport projects in its 2024 budget. The country’s ambitious Vision 2030 initiative includes investments exceeding $134 billion in transformative projects, including NEOM and The Line.
Qatar: Expanding Transport and Education
Qatar has dedicated $6.2 billion to infrastructure projects, focusing on expanding its transportation networks and modernizing educational facilities. These investments build on the country’s successful hosting of the FIFA World Cup 2022.
Morocco: Sustainability and Sports
Morocco’s infrastructure spending reached $33.4 billion, prioritizing renewable energy initiatives and developing sports infrastructure in preparation for the 2030 FIFA World Cup. The country aims to balance economic growth with environmental sustainability.
Growth Outlook
As regional governments prioritize infrastructure development, the Middle East is poised to see significant transformations in transport, energy, and urban planning. With a combined focus on sustainability and modernization, these investments will shape the future of the region.