GCC projects planned or under way

There are an estimated $2.655 trillion-worth of projects planned or underway in the GCC. Saudi Arabia is the biggest projects market in the region, accounting for 39 per cent of the total, followed by the UAE. Within Saudi Arabia, the three biggest sectors by value are construction, transport and power.

Value of GCC projects planned or underway                                                         
Source: MEED Projects
Country Value ($m)
Bahrain 72,835
UAE 846,381
Qatar 279,121
Kuwait 246,368
Saudi Arabia 1,040,721
Oman 169,449
Biggest projects by contract award value ($m) in Saudi Arabia ($m)
Source: MEED Projects
Project Client Industry Value ($m)
Riyadh Light Rail Transit (Riyadh Metro): Lines 1 & 2 Arriyadh Development Authority (ADA) Transport 9,289
Haramain High-Speed Rail Network (HHR): Phase 2 Saudi Railways Organisation Transport 8,396
Riyadh Light Rail Transit (Riyadh Metro): Lines 4, 5 & 6 ADA Transport 7,820
Riyadh Light Rail Transit (Riyadh Metro): Line 3 ADA Transport 5,942
King Abdulaziz International Airport in Jeddah: Phase 1: New Terminal: Package 1 GACA Transport 4,034
Military Medical City in Riyadh: Phase 1 Ministry of Defence Construction 3,800
Housing Development: Phase 2 Saudi National Guard Construction 3,600
Abraj Kudai in Mecca Ministry of Finance Construction 3,500
Rabigh Power Plant Extension – Phase 6 Saudi Electricity Company Power 3,400
King Abdullah Project: Security Forces Medical Complex: Jeddah Ministry of Interior Construction 3,350
Selected planned projects in Saudi Arabia ($m)
Source: MEED Projects
Project Client Industry Value ($m) Stage Expected award year
Nuclear Power Reactor King Abdullah City for Atomic & Renewable Energy Power 63,000 Study 2033
Yanbu Oil-To-Chemical Complex Saudi Basic Industries Corporation Chemical 30,000 Feed 2017
Sustainable City King Abdullah City for Atomic & Renewable Energy Construction 27,000 Study 2017
Yanbu Integrated Refinery & Petrochemicals Complex Saudi Aramco Chemical 20,000 Study 2017
Heart of Jeddah Development Jeddah Development & Urban Regeneration Construction 19,767 Main Contract PQ 2016
Al Ruwais Regeneration in Jeddah Jeddah Development & Urban Regeneration Construction 13,800 Study 2016
Khozam Development in Jeddah Khozam Development Co Construction 12,331 Design 2016
GCC Water Grid Gulf Cooperation Council Water 10,500 Study 2017
King Abdulaziz International Airport in Jeddah: Phase 2 Saudi Arabia General Authority for Civil Aviation Transport 10,000 Study 2019
King Abdulaziz International Airport in Jeddah: Phase 3 Saudi Arabia General Authority for Civil Aviation Transport 10,000 Study 2029
Saudi hydrocarbons production
  2008-2012* 2013 2014 2015e 2016f
Saudi Arabia crude oil productionn (million barrels a day) 8.9 9.6 9.7 10.2 10.2
Saudi Arabia natural gas production (million barrels a day equivalent) 1.6 1.9 2.0 2.0 2.1
Source: IMF; *=average

Saudi Arabia's external breakeven oil price

The kingdom’s external breakeven oil price is forecast to remain broadly flat in 2016, at $64.7 a barrel, compared with an estimated level of $63.8 a barrel in 2015. The external breakeven oil price is the oil price at which the current account balance is zero.

Gross official reserves

Gross official reserves will fall from their 2014 peak. This highlights the number of months worth of tradable reserves Saudi Arabia holds

General government revenues

The IMF estimates that government revenues will fall almost 35 per cent in 2015, to SR684bn. There will be a further fall in 2016, to SR659bn, with recovery beginning in 2017.

Oil and non oil real GDP growth

Oil GDP growth will fall substantially, from an estimated 4.2 per cent in 2015 to 1.2 per cent in 2016, while non-oil GDP growth will be unchanged at 3 per cent.

Total government gross debt

Total government gross debt will rise from 6.7 per cent of GDP in 2015 to 17.3 per cent of GDP in 2017, according to IMF forecasts

Total gross external debt

Total gross external debt will remain at 15 per cent in 2016 according to IMF forecasts

Saudi economic indicators
  2013 2014 2015 2016 2017 2018 2019 2020
Nominal GDP ($bn) 744.3 746.2 632.1* 643.2 694.5 749.2 799.8 848.6
GDP per capita ($) 24,816 24,252 20,139 20,093 21,269 22,494 23,541 24,488
Real GDP growth (annual change, %) 2.7 3.5 3.4* 2.2 2.9 3.0 3.1 3.2
Government revenue (% of GDP) 41.4 37.3 28.9* 27.3 27.7 27.7 26.9 25.9
Government total expenditure (% of GDP 35.6 40.8 50.4* 46.7 45.2 43.9 41.6 39.9
General government gross debt (% of GDP) 2.2 1.6 6.7* 17.3 25.8 32.8 38.8 44.3
Current account balance (% of GDP) 18.2 10.3 -3.5* -4.7 -1.9 0.3 0.6 -0.3
Inflation (%) 3.0 2.4 2.1* 2.3 2.9 2.9 2.9 2.9
Population (millions) 30.0 30.8 31.4* 32.0 32.7 33.3 34.0 34.7
Unemployment rate (millions) 5.6 5.5 n/a n/a n/a n/a n/a n/a
Source: International Monetary Fund, World Economic Outlook Database, October 2015; * = Estimates start from