Saudi construction market to grow at a rate of 32% to 35% per year to 2015, report says
The Saudi construction market is expected to grow at a rate of 32% – 35% year-on-year until 2015, according to a report by Zawya, commissioned by Big 5 Saudi.
The Saudi construction market is likely to continue to increase in size as the Kingdom plans to invest $806bn in upcoming projects, planned until 2030. It is currently estimated at $1.6bn, it added.
A BMI report forecasts a buoyant 2013 for the Saudi construction industry. Funding – is unlikely to run dry as the government’s vast infrastructure investment scheme aims to diversify away from oil, and keep protests at bay and stave off public discontent.
BMI forecast a robust 7.5% real industry growth for 2013, reflecting the significant number of contracts awarded both in 2011 (140% year-on-year increase), and in H212 (50% increase y-o-y), as well as increased government spending.
Over the medium term, a healthy annual average growth of 5.6% between 2013 and 2017 is seen.
Held under the patronage of the Jeddah Mayor Dr Hani Abu Ras, The Big 5 Saudi has seen unprecedented success and has increased in size as a result with an additional purpose built hall and outdoor area, since its launch in February 2011.