A Financial Anatomy of the Construction Sector: The Balance Sheet Structure Across Saudi Construction Value Chain
This study examines 69 construction-related companies operating in Saudi Arabia — 6 developers, 33 contractors, 15 cement producers, 9 steel and pipe manufacturers and 6 building materials firms — drawn from 37 Tadawul-listed companies and 32 private firms filing audited accounts. It finds a sector split down one line: who owns the assets and who only borrows them. | 
