Saudi Arabia is often touted as one of the Gulf’s largest construction markets, and the label is not an exaggeration.
For example, the kingdom is second only to the UAE in terms of the number of contract awards expected in the region this year.
The UAE is expected to account for a third of all construction contract awards in 2018, with Saudi Arabia expected to achieve a 27% share, according to a white paper published last month by Dubai research house, Ventures Onsite.
The kingdom’s construction priorities have become apparent in the past few weeks, during which time HRH Prince Mohammed bin Salman bin Abdulaziz, Saudi Arabia’s Crown Prince, Vice President of the Council of Ministers, and Minister of Defense, has struck deals with various international companies to spur economic diversification and growth in the country.
There is no doubt that the projects borne out of these collaborations will keep regional – and international – construction contractors extremely busy for a while.
Most notable among these programmes are those focused on expanding business sectors in the country, and on creating new ones.
For example, the world’s largest solar park will be developed in Saudi Arabia following the signing of a memorandum of understanding (MoU) between the kingdom’s Public Investment Fund (PIF) and Japanese conglomerate, Softbank.