Riyadh – Mubasher: The investment volume of the global oil and gas sector is likely to exceed $30 trillion by 2050, but there are challenges facing the industry, the CEO of Aramco said.

"As we look forward to the realisation of Vision 2030, with its ambitious aspirations and massive investments, it has become more imperative than ever for the construction industry to swiftly advance in order to fulfill the hopes we pin on it," CEO Amin Nasser added.

During the first annual Construction Industry conference at the King Fahd University of Petroleum and Minerals (KFUPM), Nasser pointed out three priorities that need to be addressed by the construction industry, namely, efficiency and productivity, project cost and schedule overruns, and quality, according to a press release.

According to a recent study, only 30% of oil and gas projects are being fulfilled by the approved budget, and 15% of the projects are completed within the set timetable, which results in risks and negative impacts on the economic viability of these projects, Aramco mentioned.

Nasser noted that the number of Saudi workers in the oil and gas industry is very low and the percentage of national institutions that are capable of developing massive industrial projects is still far lower than the expected level.