Madinah's contracting sector soars with 31pc growth in 2024
MADINAH , 3 hours, 21 minutes ago
The contracting sector in Saudi holy city Madinah recorded significant growth in 2024, with a 31% jump in activity compared to the previous year, said a report.
This was mainly driven by a combination of factors including the launch of a number of mega-projects across the region, extensive expansion and maintenance work at the main mosque and surrounding facilities, reported SPA, citing a recent report from the Madinah Chamber.
Also the strong government support for housing and real estate initiatives helped boost the contracting sector's growth.
Madinah Chamber in its report highlighted the key drivers behind the boom in the contracting and construction sector.
These factors comprise a surge in real estate investments, growing demand for both residential units and commercial complexes, and an overall improvement in the business and investment climate, stated the SPA report.
Streamlined licensing processes for both local and foreign contractors, along with heightened market competition, have also played a crucial role in fostering this impressive growth.
