Saudi Arabia is set to continue to offer many opportunities for the region’s construction industry in the next ten years, according to panellists speaking at MEED’s Arabian World Construction Summit (AWCS).
The kingdom is set to spend $800bn over the next decade in developing its infrastructure, according to Ahmed al-Bader, chief strategy officer at Saudi Industrial Property Authority (Modon).
“There are opportunities in virtually every sector of the market. We have seen some phenomenal projects in the educational sector, housing sector, several major hospital projects, sports stadiums and large infrastructure projects,” said Mark Andrews, managing director – mechanical, electrical and plumbing (MEP), Drake & Scull. “The challenge is deciding which projects you are going to go after.”
The kingdom’s vast oil reserves is ensuring that projects will go ahead and will continue to become increasingly attractive for the region’s construction sector.
“The stability of the economy gives a great incentive for construction companies to expand,” said Faysal Alaquil, director of business development and administration affairs at Construction Products and Holding Company (CPC).
Contractors speaking at the conference pointed to commitment as a key element of successfully penetrating the Saudi market.
“Commitment to the market is key. You can’t just go in and make an impression overnight. Its a market you’ve got to work at,” said Andrews.