PHOTO
Saudi Arabia expects construction contracts with a total value of around 1.8 trillion Saudi riyals ($480 billion) to be finalised within the next six years.
The new deals will nearly triple the size of the Gulf Kingdom’s construction sector, already the largest in the Middle East.
In comments published by Okaz and other Saudi newspapers on Thursday, Chairman of the Saudi Contractors’ Authority Zakaria Abdel Qadir said he expects the construction sector to contribute nearly six percent of GDP in 2024.
His figures showed the sector GDP stood at around SAR280 billion ($75 billion) in 2023 and is projected to have an equivalent value in 2024.
“These figures are expected to nearly triple to reach SAR1trillion annually starting from 2025 due to the large projects expected in the coming years,” he said.
“We expect construction contracts worth nearly SAR1.8 trillion to be finalised until 2030…this will give a strong push to the construction sector and boost its contribution to the Kingdom’s GDP to at least 6 percent,” he added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
