US$728.5bn Value of Saudi's Megaprojects Leads to Stone Boom
Pictured: the new Riyadh Metro. With a colossal 4,025 megaprojects underway – valued at a combined US$725.8bn – Saudi is well on its way to reaching the ambitious targets set by the government’s National Vision 2030; to become the world’s leading Arab nation
- BNC report discovers colossal value of active construction projects in Saudi – a huge US$725.8bn
- With more than 4,000 ongoing builds, Stone & Surface Saudi will provide vital knowledge and expertise to the market at a time of unprecedented demand
- Stone & Surface Saudi will also facilitate procurement of stone, marble and contract flooring between domestic and international suppliers and Saudi-based firms
DUBAI, UAE – February 20, 2017: The value of active construction projects in Saudi Arabia has topped US$720bn – a boom that has made the Kingdom one of the world’s biggest procurers of stone and interior surface materials.
With a colossal 4,025 builds underway – priced at a combined US$725.8bn – Saudi is well on its way to reaching the ambitious targets set by the government’s National Vision 2030; to become the world’s leading Arab nation.
Almost US$350bn of that value can be found in urban construction, where over half (2,804) of those projects are taking place. The Kingdom’s oil and gas industries are experiencing a US$88.4bn injection, while ongoing transport, utilities and industrial developments have been valued at more than US$290bn total.
Gargantuan construction and fit-out projects across the Kingdom include the US$22bn Riyadh Metro in the capital, the US$8.5bn Jeddah Metro, a US$7.2bn overhaul of King Abdulaziz International Airport, and the US$24.4bn rebuild of the Makkah Grand Mosque; all huge mega-builds that rely on millions of tonnes of stone.
Taking place for the first time in Jeddah, Stone & Surface Saudi will facilitate the procurement of the stone, marble and contract flooring provided by both domestic and international suppliers to the Saudi-based designers, architects and project managers responsible for these huge projects.
Featuring exhibitors from Turkey - world leaders in the supply of stone - the US, UAE, Italy, KSA, India, Oman, Belgium, Lebanon, Germany and China, the three-day trade show will offer a direct gateway to construction firms looking to meet with the stone suppliers required to fulfil Saudi’s vast portfolio of planned residential, commercial, retail and infrastructure developments.
Event director Yan Wang said: “Stone & Surface Saudi could not be arriving at a more exciting time for the Kingdom. The capital being ploughed into transforming Saudi into the modern example of Arab living is phenomenal, and will be the cause of unprecedented change in an incredibly short space of time.
“Our event will act as the bridge between supplier and buyer, offering a platform for finished and unfinished stone products and the industry’s newest stone designs. In the GCC alone, the stone market is valued at more than US$5.4bn-a-year and is only going to get bigger.”
The boom of Saudi Arabia’s construction industry has seen the rapid expansion of the country’s infrastructure over the past two decades. Today, the industry contributes approximately 8% of Saudi Arabia’s total GDP, and is the largest construction market in the Middle East.
Stone & Surface Saudi will showcase the varied options for contract flooring, wall covering solutions, natural stone and ceramics that will comprise the backbone of the new look Saudi, and will take place at the Jeddah Centre for Forums and Events between April 4th and 6th.
Euan McLelland - PR Manager
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