With more than $1.4tn worth of major projects planned or underway, Saudi Arabia is the biggest projects market in the region, accounting for almost half of the entire GCC projects market. Driven by rapid population growth and surging demand for all kinds of goods and services, ranging from consumer products, to electricity and healthcare services, to infrastructure, the kingdom’s projects sector is nearly double the size of the region’s next biggest projects market, the UAE.
Despite its size however, Saudi Arabia has over the past three years proved to be an extremely challenging place in which to do business as Riyadh has slashed spending in order to get its finances in order following the crash in oil prices from June 2014 to January 2016. Business in the kingdom has faced major disruption as the country rolls out social and economic reforms.
But has turned a corner in 2018. The recovery in oil prices accompanied by the launch of a series of megaprojects, including the $500bn Neom future city project, marks a new era for the Saudi economy under King Salman bin Abdulaziz al-Saud. One that promises wonderful investment and business opportunities. But one that also introduces significant changes to the Saudi market.
We are seeing significant changes to the direction of projects in the kingdom. Saudi Aramco has shifted its focus on to downstream integration and petrochemicals. While the Public Investment Fund has emerged as the new powerhouse project sponsor driving construction projects. And new legislation is set to boost plans for public private partnerships (PPP) in the kingdom.
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“MEED Projects allows Saudi Aramco to effectively evaluate our capital resource program. In concentrated markets such as the Middle East, we have to compete harder to get the best resources. Having the complete MEED Projects package ensures we have full visibility of the projects market and the correct balance of contractors working on Saudi Aramco’s projects.”SAUDI ARAMCO
“MEED Projects has been a crucial to our navigation throughout financially difficult times. MEED Projects has allowed Unibeton to effectively forecast and align its growth strategy for the coming years in an increasingly competitive marketplace. The regular updates have increased our first to market advantage for new projects allowing Unibeton to properly match our environmental and technical products to project requirements.”UNIBETON READYMIX