$629B Construction Projects Under Way In Saudi Arabia
Saudi Arabia’s vibrant construction industry is expected to undergo accelerated growth in the next few years with the value of projects planned and under way currently estimated at $629 billion.
Over $500 billion in investment opportunities covering energy, transportation, education, healthcare and other vital economic sectors still remain, making the Kingdom a leading investment destination for construction work.
Among the major factors expected to sustain Saudi Arabia’s dominance in the construction domain are its status as the region’s top economy, a large and growing local population, a highly competitive business environment, and a national impetus on infrastructure development. Around $2 billion worth of road projects are being built, with the project pipeline expected to grow by an average of 4 percent over the next four years.
Commenting on the development, Drake & Scull International PJSC (DSI), a regional specialist in integrated design, engineering and construction, said the broad scope of Saudi projects – from government and education to healthcare and hospitality – makes it a premier construction market. DSI points to the numerous opportunities available in mechanical, electrical and plumbing (MEP), civil contracting, water and power and rail opening up within the Saudi market.
“While some construction markets in the region have stalled to an extent, the Saudi construction sector is poised to achieve over 5 per cent growth in 2012. There has been a huge influx of multinational firms eager to take advantage of the positive market conditions. For DSI, Saudi Arabia represents a vital channel for growth and a major beneficiary of our proven and unique technologies. We have a very healthy local pipeline which we expect to further expand within the next few years,” said Saleh Muradweij, Managing Director of Drake & Scull Construction.
DSI currently has a Saudi project backlog worth over SR3.3 billion, making the Kingdom its leading market in the Gulf. DSI’s local presence, DSI KSA, has over 30 years of impressive local engineering credentials. Some noteworthy DSI-participated projects include the King Abdulla University of Science and Technology, the Intercontinental Hotel and Conference Centre, and the King Abdullah Petroleum Studies and Research Centre which was DSI KSA’s biggest contract for 2011.
DSI KSA is one of the Kingdom’s leading end-to-end integrated engineering solutions providers. It is noted for upholding quality, health, safety and environmental policies and procedures that adhere to the highest international standards. One of DSI KSA’s key strengths is its robust relations with major governmental and private developers. The company is eyeing a stronger presence in the railway and oil and gas sectors.
Saudi Gazette
