Saudi construction sector accounts for 6% of GDP, says official

RIYADH: The creation sector, valued at over SR255 billion ($sixty eight billion) bills for 6 percent of the gross home made from the Kingdom, in keeping with the chairman of Saudi Contractors Authority.

Speaking on the Builders of Egypt Forum in Cairo on Sunday, Zakria Al-Abdulqadir stated the construction quarter is the second one-biggest non-oil area in Saudi Arabia.

The legit said the authority organized the sixth version of the Future Projects Forum ultimate week, which showcased three,000 tasks worth round $270 billion.

He said SCA is the current chair of the Federation of Contractors from Islamic Countries, which represents the construction quarter of 26 Islamic international locations.

The Cairo event become organized by way of the Egyptian Federation for Construction and Building Contractors in collaboration with the African Federation for Construction Contractors’ Association.

According to a record issued by means of the US-Saudi Business Council lately, agreement values in the Kingdom’s construction quarter reached SR71.Five million for the duration of the fourth sector of 2022, accounting for 37 percentage of the overall contracts offered remaining year.

The file stated the general deals struck between October and December were the highest since the first zone of 2015 when contract values touched SR88.1 billion.

“The surge in settlement awards continues unabated at the returned of a developing financial system that become fueled via enormous oil sales and the acceleration of giga-tasks following the COVID-19 slowdown,” said Albara’a Alwazir, director of economic research on the USSBC.

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