KSA construction sector poised for 4.5% growth
The five year forecast is based on public sector growth, says government, as 15 projects in the power sector, worth a combined $8.8bn, begin construction this year
Public sector spending from 2013 to 2017 will see Saudi Arabia’s construction sector grow 4.5%.
Last year, contracts worth $71.2bn were awarded by the government and recent project announcements have covered religious, social infrastructure and power projects.
In the power sector, 15 projects worth a combined $8.8bn are due to begin this year; the total worth of active Middle East power project currently stands at $32.7bn. Yesterday it was also announced that the Hail (2) Power Plant extension project has been commissioned six weeks ahead of time.
In addition to the developments, “unprecedented” expansion of Madinah’s Prophet’s Mosque will begin this year to take the total area of the mosque to 1.1million square metres; enough capacity for an addition 1.6million worshippers. Previous expansions were carried out between 1951 and 1960, and again from 1984 to 1994.
The central haram area and neighbouring, underdeveloped, residential areas will also fall within the catchment zone.
