By the currently estimated amount of $732 billion of projects designed for the next three years, Saudi Arabia’s construction market is geared to become the fast- growing sector in the Kingdom’s economy by 2015, according to an official from the Riyadh International Convention and Exhibition Center.
The Kingdom has been awarded with a $42 billion worth of projects in 2013 making it the most prosperous year for the country’s construction industry.
Saudi Arabia represents the 39% of GCC’s construction market allotted to King Abdullah Economic City worth $116 billion, the proposed $7.2 billion expansion for the King Abdulaziz International Airport, the $66 billion goes to the 500, 000 new housing project, Sudair Economic City worth $40 billion, and the refurbishment of the transport system in the holy city of Makkah which costs $ 16.5 billion.
The sector marked a big growth of 9.76% and for downstream industries 7.87%.Generally, the sector’s growth rose by 3.31 percent.
The official also said that the major participation at the last Saudi Build show which the Kingdom hosted last November proved the vitality of the Kingdom’s construction industry. It attracted companies from across the globe, presented a broad set of solutions covering all aspects of the construction industry and gave the industry professionals a place and opportunity to discuss their business.