The construction sector in Saudi Arabia is recovering from stagnation which it suffered during the Coronavirus pandemic but the recovery process needs time, a contracting official was quoted on Wednesday as saying.
Hamad Al-Hammad, head of the National Contractors’ Committee at the Saudi Union of Chambers of Commerce of Industry, said the construction industry in the Gulf Kingdom has recorded one of the highest growth rates compared to other sectors over the past few years due to a surge in public projects.
Over the past five years, projects executed in the world’s largest oil exporter in construction and related sectors exceeded 20 trillion Saudi riyals ($5.33 billion), Hammad said, quoted by Alriyadh and other Saudi newspapers.
“The contracting sector is not yet back on its feet after it was hit by the Coronavirus business slowdown…it is difficult for the sector to recover in such a short period of time but indicators show that it is moving upwards,” Hammad said.
His figures showed that nearly 165,000 small, medium and large construction companies operate in Saudi Arabia, which controls the largest construction market in the Middle East.
(Writing by Nadim Kawach ; Editing by Anoop Menon)