Key growth drivers include an expanding population, religious tourism and demand for better infrastructure
Saudi Arabia’s construction sector maintains its position as the Middle East’s largest construction market, and is set to grow 7.8% by 2019, according to a local exhibition organiser.
The construction industry in the kingdom will see SR11.25 trillion ($3 trillion) worth of planned projects begin by 2020, according to a statement released ahead of the Saudi Build 2015 exhibition this month.
An expanding young population, growth in religious tourism, and demand for better infrastructure in housing, education and transport were cited as the key drivers of the forecast growth.
Saudi Arabia “is in the midst of a construction boom with a series of nation-wide building activities underway. Aside from government initiatives to build utility and social infrastructure, the public sector has also shown a keen interest in the country’s development which has complemented the growth of the construction industry,” said a spokesperson from the Riyadh Exhibition Company (REC).
The Saudi government’s budget for 2015 earmarks a total of SR859.87 billion ($229.3bn) towards long-term non-oil development, the spokesperson added. “In this backdrop, Saudi Build offers a tailor-made platform for professionals from the construction and allied industries to get a first-hand experience of new advances in building and construction.”
Hosted at the Riyadh International Convention and Exhibition Center, Saudi Build 2015 runs from October 26-29. It will be held concurrently with Saudi Stone-Tech 2015, and the Saudi Build PMV Series for construction equipment, plant, machinery and vehicles.