Construction in Saudi Arabia to hit $300bn by 2015
Government contracts awarded in 2013 totalled almost $41.8bn
The Council of Saudi Chambers has said the kingdom’s booming construction and contracting market is expected to hit $300bn (SR1.12trn) by 2015, Arab News has reported.
“Construction is the kingdom’s second largest economic sector after oil,” said chairman of the National Contractors Committee at the council, Fahd bin Mohammed Al-Hammadi.
In 2012, the sector contributed 16.5% of the gross domestic product compared to the private sector growth of 11.5% and GDP growth of 8.6% in current prices, he said.
The construction sector’s total assets are valued at SR200bn ($53bn), while the value of government contracts awarded in 2013 amounted to nearly SR157bn ($41.8bn).
It was revealed in November last year that the Saudi construction market, the most valuable in the GCC at present, which includes projects currently underway and those confirmed and in pre-execution stage, is valued at $495bn.