Saudi Arabia construction projects hit $1tn despite $163bn on hold

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Construction projects worth $1.1tn are at various stages of development in Saudi Arabia as developers such as state-owned Saudi Aramco and contractors like Saudi Binladin Group and India’s Larsen & Toubro work on major schemes under the kingdom’s Vision 2030 push.

Among Saudi Arabia’s largest developers are Aramco, King Abdullah City of Atomic and Renewable Energy, the country’s Ministry of Housing, Ministry of Transport, and Saudi Electricity Company.

Under-construction projects make up 41% of the total figure, accounting for $460.8bn, whilst 24% – or $269.5bn – is taken up by developments at the planning stage, according to construction listings website ProTenders.

Developments in the design and tender phase respectively account for $111.8bn and $115.6bn of the total $1.1tn figure.

Projects worth $162.7bn – or 15% of the total figure – are currently on hold in Saudi Arabia, as of ProTenders’ March 2019 data.

Of the total $470bn-odd worth of ongoing projects in Saudi Arabia according to ProTenders, 45% of the figure – or $208bn – are infrastructure schemes, with urban buildings (34%) following closely at $161.2bn.