Development of six economic cities to push Kingdom’s diversification and investment plans
Saudi Arabia’s construction sector is expected to achieve a 5.4% growth this year due to elevated government spending into social and economic infrastructure.
With the development of six economic cities already underway, the Kingdom is already advancing its diversification and investment plans, while also ensuring a better quality of life for its residents, a report in The Saudi Gazette said.
According to reports released by BMI, the business intelligence firm, power plants and transmission and distribution (T&D) are to be the Saudi Arabian construction industry’s most dynamic subsectors. The firm noted that $80bn had already been allocated to a 10 year electricity infrastructure plan that will extend to 2018.
Saleh Muradweij, executive director of Drake and Scull Construction said that the current situation in Saudi Arabia would provide numerous opportunities in MEP, civil contracting and water and power projects.
“One of the most attractive characteristics of Saudi Arabia’s construction boom is its broad scope. Projects are emerging for all sectors, from government and healthcare, to education and hospitality. Given the market dynamics, we expect sustained demand for our MEP, civil contracting and water and power expertise,” he said to the paper.
“We currently have a backlog of over $853m in the Kingdom, which is providing steady revenue streams for the company,” Muradweij added.