Madinah's contracting sector experienced significant growth in 2024, with a 31.1% increase in activity compared to the previous year, driven by a combination of factors including the launch of several mega-projects across the region, extensive expansion and maintenance work at the Prophet's Mosque and surrounding facilities, and strong government support for housing and real estate initiatives.
A recent report from the Madinah Chamber 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.
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.