OVER USD 800 BILLION INVESTED IN SAUDI ARABIA’S CONSTRUCTION PROJECTS
More than 5,200 construction projects are currently rolling out in the GCC’s largest and most populous country, the Kingdom of Saudi Arabia, a BNC Network report shows. Valued at USD 819 billion, these account for 35% of the total value of active projects across the GCC.
Despite recent challenges faced by the sector attributed to low oil prices and a reported shortage of qualified workers, construction is recording a 4.1% increase this year in KSA. A recent BMI research forecasts the sector's annualized average growth at 6.13% from 2018 to 2022.
The urban construction sector is the largest contributor to the construction sector’s expansion with 3,727 active projects valued USD 386.4 billion, BNC Network’s report indicates. The utilities sector is the second largest with 733 projects worth USD 95.6 billion, followed by transportation, with 500 projects valued USD 156.2 billion.
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