Saudi Arabia’s construction sector has projects worth $2.1 trillion in the pipeline for the next eight years, according to a senior executive.
Speaking on the sidelines of the Future Investment Initiative in Riyadh, Jerry Todd, head of the National Development Division at the Public Investment Fund, told Arab News that the Kingdom’s well-established construction and building material sector is set to grow “very rapidly.”
He said: “We are currently looking at $750 million of spending on building things at the PIF level and about $2.1 trillion at the country level over the next eight years.”
As the Kingdom diversifies its economy away from oil and focuses on sectors like tourism, entertainment, technology and renewable energy, there is a need to build the infrastructure to support these industries.
Reflecting its large size compared to neighboring nations, Todd emphasized that the Kingdom’s private sector is a “bit bigger” and has stronger capabilities, as there is a robust base to build on.
Todd explained that due to the private sector’s high capabilities, it will benefit significantly from Saudi Arabia’s Vision 2030.
Source: www.arabnews.com
