Saudi Building & Interiors Exhibition
Building Construction Material, Equipment and Sanitaryware Industry Trade Fair
The building and construction sector have long been considered the second largest non-oil sector in Saudi Arabia.More than two years after Saudi Arabia unveiled economic reforms under Vision 2030, the Kingdom appears to be making considerable headway in planning and launching key projects that will give a much-needed boost to its construction sector.According to Project Intelligence Platform Ventures ONSITE, the total value of Saudi construction-related projects, comprising buildings, industry, power and water, oil and gas, and infrastructure, is estimated to be $1.4 trillion. Meanwhile, new Saudi construction contractor awards are estimated to grow to $44.1 billion in 2019, compared to 2018’s value of $26.3 billion.Some of the construction targets announced in the 2019 budget are constructing 355 new school buildings in 2019, building 23,000 housing units using modern construction techniques, and finishing 100 housing projects by the end of 2019.Objectives outlined in Vision 2030 put a major emphasis on public-private partnerships, joint ventures and the privatization of government entities. Such measures will be critical to ensuring the Kingdom achieves its goal of increasing the private sector contribution to country’s gross domestic product (GDP) from 40 percent to 65 percent by 2030.