By Innovation-sa on October 31, 2018 in News
Saudi Arabia, the largest and most populous Gulf Cooperation Council (GCC) country, has more than 5,200 construction projects worth $819 billion underway, according to latest reports from BNC Network.
These projects account for 35 percent of the total value of active projects across the GCC countries, according to The Big 5 Saudi, the Kingdom’s premier construction event.
The construction sector’s immediate outlook is extremely promising and 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, said Roni El Haddad, the event director of The Big 5 Saudi.
Moreover, a recent BMI Research forecasted that the Kingdom’s construction industry will expand by 6.13% every year from 2018 to 2022.
The report highlights the Kingdom’s urban construction sector, which is the largest contributor to the country’s construction sector, with 3,727 active projects worth over $386.4 billion. The King Abdullah Security Compounds (Phase Five) and the Grand Mosque Expansion, each worth $21.3 billion are some of the major urban construction projects in the Kingdom.
With 733 active projects valued at $95.6 billion, the utility sector is the second largest contributor to the construction sector followed by transportation sector with 500 projects worth $156.2 billion.
Asharq Al-Awsat – 29 October 2018