Riyadh-Mubasher: Saudi Arabia’s current construction projects amounted to 5,200 with SAR 3 trillion ($819 billion) in investments, according to the organisers of The Big 5 Saudi, the Kingdom’s premier and fastest growing construction show.
The 5,200 developments make up 35% of the value of the GCC’s active projects.
The oil-rich nation’s construction projects included gigaprojects such as $50 billion NEOM, and other plans focused on the long-term goals of Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
It is worth noting that Saudi Arabia’s urban construction plans comprise Phase 5 of King Abdullah Security Compounds and the expansion of the Grand Mosque, that are being developed by the Saudi Ministry of Municipalities and Rural Affairs in Makkah. The development value of both projects is expected to reach SAR 80 billion ($21.3 billion).
Makkah is also seeing the development of the SAR 6.4 billion ($1.7 billion) Phase 2 of Makkah Residence hotel. The five-star hotel comprises of 3,000 rooms and is due to open by the end of 2019 to welcome 36 million annual pilgrims to the country.
While the Saudi capital Riyadh hosts the SAR 13 billion ($3.5 billion) mixed-use The Avenues – Al Malqa project that is due to complete in 2020.
Moreover, Riyadh also is the house of Mall of Saudi – An Narjis, the SAR 12 billion ($3.2 billion) mall being developed by the UAE’s Majid Al Futtaim Group, is due to open by 2022 in the Saudi capital.
Saudi Arabia National Guard is also constructing 6,000 villas with SAR 4.9 billion ($1.3 billion) in investments in Riyadh.
Meanwhile, the Saudi city of Jeddah hosts the SAR 4.1 billion ($1.1 billion) Darb Al Harmain complex that will likely finish by the end of 2018, along with Phase 1 of Jeddah Downtown, the SAR 7.5 billion megaproject, is expected to revamp the city’s Corniche area with 12,000 new homes by the end of 2022.
For his part, Roni El Haddad, event director of The Big 5 Saudi, said that many construction firms are keen on entering Saudi Arabia.
“The construction sector’s immediate outlook is extremely promising. The recent launch of the Public Investment Fund backed multi-billion dollar Amaala resort in September, along with the already announced Neom and Red Sea Project […] is a proof of that," he added.
The Big 5 Saudi show will be held on 10-13 March 2019 at the Jeddah Centre for Forum and Events.
“The diversification of Saudi Arabia’s construction portfolio, which now spans from smart cities to hospitality infrastructure, from housing to entertainment facilities and parks, calls for a wide range of new building solutions and equipment. The Big 5 Saudi’s expanded product sectors reflect this growing need,” El Haddad noted.
