Saudi Arabia presents $134bn construction projects in Riyadh

© ITP Media Group / Rajesh Raghav
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Construction projects worth more $133.3bn (SAR500bn) in Saudi Arabia were presented to contractors at an event organised by Saudi Contractors Authority.

The projects were showcased by HRH Prince Faisal bin Bandar bin Abdulaziz, governor of the Riyadh region, at the two-day Future Projects Forum (FPF).

According to a statement on Saudi Press Agency, Prince Faisal expressed his “pride in the forum being supervised by an integrated Saudi team”, and praised “the work and progress of the Saudi Contractors Authority”.

Several government bodies and national companies are participating at the event, which has seen more than 600 projects showcased so far.

The aim of FPF, as outlined on its website, is to create platform that brings together investors, project owners, and contractors “in order to display and discuss the future projects in the contracting sector”.

In line with Saudi Vision 2030, the forum also aims to bolster foreign investment in Saudi Arabia.

Saudi news of project growth comes after JLL research stated that increased government spending and progress on multibillion-dollar construction projects would fuel growth in the kingdom’s property sector.

In its 2018 report, the real estate services firm said the progress of Public Investment Fund-backed projects such as the 334km2 entertainment city Qiddiya, and luxury resort Amaala will have a positive impact on real estate development in the kingdom.

The kingdom’s 2019 budget focuses on the structural reforms that Vision 2030 will require. As Saudi Arabia’s Crown Prince HRH Mohammed Bin Salman said in December 2018, growth in Saudi’s technology, infrastructure, and housing schemes will expand the country’s journey away from petrodollars.

Source: www.constructionweekonline.com