ProTenders report looks at the construction market in the Kingdom of Saudi Arabia
More than 5,300 active construction projects are currently ongoing in Saudi Arabia at a value of $3.4bn, and the Kingdom’s construction market is expected to register a compound annual growth of 6% between 2019 and 2024, a ProTenders analysis has found.
The report adds that it expects to see $84bn worth of contracts to be awarded in the Kingdom in Q1 2020, with infrastructure leading the other sectors. The biggest contract awards expected during the quarter include the a $705m contract by Saline Water Conversion Corporation for a 600,000m3 per day desalination plant and a power plant in Shoaiba.
A $2bn award by Public Investment Fund for Neom Residential Development and a $110m deal awarded to National Contracting Company Limited to build a 380KW overhead transmission lines and substation in Alaflaj from the Saudi Electricity Company are two other major contracts expected to be awarded during the quarter.
According to ProTenders data, the infrastructure sector is the largest contributor to the construction sector expansion, with 1,905 active projects valued at $1.691 trillion. The urban sector is the second largest contributor with 3,188 projects worth $1.376tn, followed by oil & gas with 207 projects valued at $295bn.
Major infrastructure and urban construction projects in Saudi Arabia include King Salman Park Infrastructure Work ($2bn), Riyadh King Salman Air Base Facilities ($2.5bn), Mall of Saudi (Phase 1) ($1bn), Al Rayis Development ($2.5bn), Wadi Makkah ($1.1bn), and Neom Bay, which is valued