Additionally, real estate is one of the fast-growing sectors in the GCC region, paramount to the overall economic diversification plans of the government of Saudi Arabia, the UAE & Qatar. The government plans for diversification have benefitted various sectors such as hospitality, healthcare, education, commercial businesses, manufacturing, etc. This has created a positive economic outlook for the country & helped to attract Foreign Direct Investment (FDI) & government investment in real estate, thereby resulting in improved demand for them to enhance the operational activities during the construction period. For instance, the Government of Saudi Arabia signed an agreement worth USD2.66 billion in 2022 for setting up an investment fund for tourism, commercial and residential projects. Many of the under-construction real estate projects in Saudi Arabia are expected to promulgate the demand for these solutions in the forecast years.
Explosive Growth Expected: GCC Power Rental Market to Expand at 13.67% CAGR Through 2028