Meed | Saudi construction boom still in early stages

Saudi construction boom still in early stages

5 June 2023

Construction activity associated with Saudi Arabia’s Vision 2030 and the kingdom’s gigaprojects is ramping up fast, but is still in the early stages.

“MEED estimates that there are $879bn of projects planned, of which only about $50bn have been awarded so far,” said MEED’s head of content and research, Ed James, while opening MEED’s Saudi Giga Projects 2023 conference in Riyadh on 5 June.

While much work is still needed, progress is being made on projects with a step change in the total value of contracts awarded.

“According to data from MEED Projects, the total value of contract awards in 2022 more than doubled compared to 2021,” said James. “In 2021, there was $11.9bn of contract awards, and in 2022 there was $24bn of awards.”

The Saudi Giga Projects 2023 event has speakers from projects including Roshn, Diriyah Company, Red Sea Global, Boutique Group, King Salman Park Foundation, Sports Boulevard Foundation and the Royal Commission for AlUla.

Saudi Giga Projects 2023 is followed by MEED’s Mena Construction Summit on 6 June, focusing on how the industry rises to the challenge of delivering projects amid unprecedented global demand and competition for resources.

Companies speaking at the event include Al-Bawani Capital, Autodesk, Bechtel, Caldwell, Diriyah Company, Amana, DuBox, HKA, Jacobs, KEO Infrastructure, LITE Development & Consulting, Ministry of Investment Saudi Arabia (Misa), Mott MacDonald, MZ Engineering, Nesma & Partners, Oracle, Procore, Red Sea Global, Roshn, Parsons Saudi Arabia, Saudi Entertainment Ventures (Seven), Socotec and Thinkproject.

Find out more about tomorrow’s event here.

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Colin Foreman