Page 13 - TRIMBLE PR REPORT - May 2024

per cent throughout the projected period. The market is presently being driven by Saudi
Arabia’s Vision 2030 national development policy, which aims to diversify and privatise the

staggering economy of the Kingdom.

The GCC’s construction market is anticipated to grow at a compound annual growth rate
(CAGR) of more than 5 per cent between 2024 and 2029, from an estimated USD 169.3 billion

in 2024 to USD 216.8 billion by 2029. The region’s project market is still thriving despite of
the challenges it confronted including inflation, geopolitical unrest and global pandemics.

Contractors, suppliers and engineering firms are seamlessly adapting to the rapidly evolving
market conditions by leveraging latest technological innovations from industry pioneers such

as Trimble.

Paul Wallett, Regional Director of Trimble Solutions Middle East said: “With the surging

demand of construction projects for different purposes such as tourism, large scale events,

economic plans and more, the Middle East and GCC region offers vast opportunities for
innovation and growth in the sector. In this evolving industry landscape, our state-of-the-art

construction technology solutions play a significant role. The tailor-made solutions aid in
addressing unique challenges faced by projects in the dynamic industry landscape.

Stakeholders can leverage innovative technological solutions by Trimble to improve
productivity, optimise resource utilisation and deliver projects of exceptional quality with

efficiency.”

In line with Saudi Arabia’s aim to expand its economy, a number of significant projects are

underway, which are expected to be completed before Expo 2030. These projects include
Jeddah Tower, NEOM, Red Sea Global, Knowledge Economic City, King Abdullah Economic

City, Masar Makkah, AlUla, the Qiddiya project, among others. The development of these
projects presents substantial opportunities for Trimble to showcase its innovative solutions and

contribute to their successful completion.

Currently, the Kingdom is expediating Riyadh Metro’s development, a USD 22.5 billion

project that will have six metro lines connecting 85 stations across a 176 km network. During

its initial phase, the project is expected to streamline daily transportation for 1.2 million
passengers and later expand to 3.6 million at its full capacity. The project, which leverages

Trimble’s cutting-edge technologies, is anticipated to be completed by this year.