The construction field in Saudi Arabia is rapidly growing. Many different investors and global companies are investing in the country as it is in a new move trying to be a more developed and established country. This has allowed the construction industry to grow rapidly with recent report released by the US-Saudi Arabian Business Council (USSABC) changing the whole game.
According to news, the construction market in Saudi Arabia has been awarded contracts reaching up to $13bn (SAR48.9bn) on only the first quarter of the year 2019. This value can be translated into a growth of almost 113%. The main sectors for this growth include the oil and gas, water and transportation industry which according to the USSABC’s Contract Awards Index (CAI) makes almost 67% of this increase alone which have reached a total value of $8.7bn (SAR32.6bn).
These changes are occurring all over the Kingdom especially in major cities including Makkah which accounted for 17% of the growth with a total value of $2.2bn (SAR8.2bn). Riyadh on the other hand the capital of Saudi Arabia has reached a value of only $1.7bn (SAR6.4bn).
The growth was seen in different projects including hotels, parks, water plants and even oil rigs. This was all presented in the CAI report presented by USSABC which stated, “Consequently, the pace of awarded contracts thus far indicates that construction activities across all sectors will re-emerge as a strategic focal point in the kingdom.”