More than 5,200 construction projects are currently rolling out in the GCC’s largest and most populous country, the Kingdom of Saudi Arabia, a BNC Network report shows. Valued at $819 billion, these account for 35% of the total value of active projects across the GCC.
Despite recent challenges faced by the sector attributed to low oil prices and a reported shortage of qualified workers, construction is recording a 4.1% increase this year in KSA. A recent BMI research forecasts the sector›s annualized average growth at 6.13% from 2018 to 2022.
According to Roni El Haddad, Event Director of the Kingdom›s premier construction event, The Big 5 Saudi, “the construction sector’s immediate outlook is extremely promising. The recent launch of the Public Investment Fund backed multi-billion dollar Amaala resort in September, along with the already announced NEOM and Red Sea Project, in what is already being dubbed the ‘Riviera of the Middle East’, is a proof of that.”
“Saudi Arabia’s Vision 2030, along with significant investment in housing and infrastructure development promoted across the country by local authorities, are revitalizing the construction industry and generating interest in a growing number of international players,” El Haddad added.
The urban construction sector is the largest contributor to the construction sector’s expansion with 3,727 active projects valued $386.4 billion, BNC Network’s report indicates. The utilities sector is the second largest with 733 projects worth $95.6 billion, followed by transportation, with 500 projects valued $156.2 billion. Read More...
Source: Saudi Gazette