Top 7 Arab Countries Investing in Infrastructure Projects in 2024
Infrastructure development is crucial for the progress of any nation, encompassing essential services such as transportation, energy, and communications. In 2023, the construction market in the Middle East reached a staggering $298 billion, with projections indicating growth to $401 billion by 2030, according to the NMSC platform. This growth is fueled by significant investments from various governments, particularly in the Gulf region, while countries like Yemen and Iraq face challenges due to ongoing conflicts.
1. Saudi Arabia
Saudi Arabia leads the way with a general budget of 1,345 billion Saudi riyals ($358 billion) for 2024, allocating SAR 38 billion ($10.1 billion) specifically for infrastructure and transportation, which constitutes 2.8% of its GDP. The Kingdom's Vision 2030 includes 22 major projects worth over $134 billion, focusing on road construction and industrial development, including the ambitious NEOM project.
2. Qatar
Qatar's 2024 budget stands at 202 billion Qatari riyals ($55.4 billion), with an infrastructure budget of QAR 22.6 billion ($6.2 billion), representing 11.2% of total expenditures. The country is experiencing rapid growth in its construction sector, bolstered by major transportation projects and preparations for the 2022 World Cup, which have enhanced its infrastructure capabilities.
3. United Arab Emirates (UAE)
The UAE's federal budget for 2024 is AED 65.728 billion ($17.9 billion), with AED 2.6 billion ($708 million) allocated for infrastructure, accounting for 4% of the budget. The real estate sector continues to thrive, with significant projects underway, including affordable housing initiatives in Abu Dhabi.
4. Oman
Oman's budget for 2024 is OMR 11.650 billion ($30.26 billion), with a development projects budget of 1.14 billion Omani riyals ($2.96 billion), which is 9.8% of total expenditures. Key projects include the establishment of new schools and hospitals, as well as infrastructure improvements in Sultan Haitham City.
5. Kuwait
Kuwait's budget for 2024 is 24.5 billion dinars ($79.9 billion), with KWD 4.1 billion ($13.3 billion) dedicated to infrastructure, representing 16.7% of the overall budget. Significant allocations are directed towards the Ministry of Public Works and the Ministry of Electricity and Water, highlighting the government's commitment to enhancing public services.
6. Morocco
Morocco's 2024 budget is 638 billion dirhams ($63.8 billion), with a substantial infrastructure budget of 335 billion dirhams ($33.4 billion), which is 52.5% of the total budget. This investment is largely driven by preparations for the 2030 World Cup, focusing on green energy and transportation infrastructure.
7. Jordan
Jordan's budget for 2024 is 12.37 billion dinars ($17.42 billion), with approximately 457 million Jordanian dinars ($644 million) allocated for infrastructure and local development, making up 3.7% of the budget. The country is advancing several major projects, including water and transportation systems, to bolster economic growth and sustainability.
