Saudi Arabia's long-term projects market robustStaff writer ▼ | September 8, 2014
Saudi Arabia is set to remain the Middle East's largest projects market for the foreseeable future as the kingdom focuses on job creation and the diversification of its economy.
Forecast The largest projects market in the Middle East
In 2014, it is forecasted to award $55 billion worth of contracts, comfortably ahead of the UAE, the region's second largest market.
The forecast was released by MEED Insight, ahead of the forthcoming Saudi Mega Transport & Infrastructure Projects Conference to be held September 15 to 17, 2014 at a local hotel in Riyadh.
Of the $134 billion-worth of contracts awarded in the GCC last year, $65 billion were placed in Saudi Arabia. This year, some $55 billion of projects are expected to be awarded, based on a pipeline of more than $840 billion worth of planned and un-awarded projects in kingdom.
Apart from its size, what makes the Saudi Arabian market most attractive is that it is driven by the twin fundamentals of oil prices and demographic growth. Together they ensure the market's relative stability and growth potential. Saudi Arabia's capital projects programme covers all major sectors and industries, meaning there is work available for businesses in all sectors. ■