Expo 2030 and FIFA World Cup 2034 Boost Cement Demand in Saudi Arabia
Anticipating an increase in cement demand in 2024, Saudi Arabia gears up for major projects including Expo 2030 and the FIFA World Cup 2034, driving significant growth in the construction sector.
Saudi Arabia is set to experience a 3% rise in cement demand starting from 2024, a notable rebound from an 8% decrease in the previous year. The first 11 months of 2023 saw a decline in local cement shipments to about 43 million tons. However, the demand is expected to surge primarily due to major government-funded projects.
According to the global cement news site "cement," Saudi Arabia accounted for 44%, or 44 billion dollars, of the total 101 billion dollars of projects awarded in the Middle East and North Africa region in the first half of the previous year. This is in addition to approximately 35% of the total estimated value of about 3 trillion dollars for the project series in the region.
The hosting of Expo 2030 and the FIFA World Cup 2034, along with infrastructure development projects and the growing residential sector, are set to boost cement demand in Saudi Arabia for several years to come.
It's noteworthy that the cement industry is one of the most energy-intensive industries globally. Fuel and energy costs typically account for more than 30% of the total production cost, as per the global research firm Technavio.
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