Saudi Construction Sector Set to Grow By 10% From 2015
The Saudi construction sector should see growth returning strongly from 2015, with an estimated 10% expansion, according to Business Monitor International (BMI) in its ‘Saudi Arabia Infrastructure Report Q1 2014′.
Several developmental projects with a total value of US$ 3.5 billion have been ﬁnalized for the current ﬁscal year. Jeddah Municipality has ﬁnalized 29 projects and is working on 142 projects. Nineteen projects have been approved for this year for a total of US$ 507 million.
Fifteen electricity and strategic storing projects are ready to serve Jeddah residents while 33 projects are still under construction, 18 water projects are in need while 7 new projects have been approved for this year. Some 28 projects have been ﬁnalized in the environment sector, 59 still in process and 10 new approved projects for this year. The total budget for water and environment projects this year is US$ 427 million.
The Health Affairs has ﬁnalized 13 projects, has 30 projects still under construction, four approved for this year for a total budget of US$ 613 million. While Education Directorate has completed 12, has 58 projects in progress and nine approved projects.
All these are strong indicators for investment opportunities for the international and local business communities in the building and construction sector with a wide range of products and services required for the completion of the projects.
Saudi Arabia – the leading building, construction and interiors market in the MENA region