According to a study, the value of awarded construction contracts in Saudi Arabia could hit $44.1bn in 2019. The figure represents an increase of $17.8bn compared to the value of contracts awarded in the Kingdom this year.
According to Project Intelligence Platform Ventures Onsite, to date, the total value of Saudi construction-related projects is estimated to be worth $1.4tn. The figure covers buildings, industrial, power and water, oil and gas, and infrastructure projects.
The results were released ahead of the International Contracting Conference and Exhibition (ICCE), which will be held in Riyadh from September 16 to 17 and will discuss achieving a sustainable contracting sector.
The debut event is being organised under the guidance of the Saudi Vision 2030. As part of Vision 2030, Saudi Arabia is going through immense change, and part of this change is to achieve a sustainable contracting sector for the Kingdom. In line with King Salmans vision, the SCAs mandate is to organise, develop and regulate Saudis contracting industry, enabling it to build competent capabilities and to raise the standards produced by the sector, thereby establishing a safe and secure work environment, saidEngineer Thabet Mubarek Al Sawyeed, the Governor of the Saudi Contractors Authority (SCA).
The event is the brainchild of the Saudi Contractors Authority, a government authority responsible for regulating the Kingdoms contractor market, and increasing mergers and acquisitions ahead of a potential surge in the contracting market. It is being held under the patronage of Dr Majid bin Abdullah Al Qasabi, Saudis Minister of Commerce and Investment.
