The value of awarded contracts in Saudi Arabia's construction sector is likely to surge to $44.1 billion in 2019 from $26.3 billion this year, said a new study released ahead of an upcoming industry summit in capital Riyadh.
The inaugural International Contracting Conference and Exhibition (ICCE) will take place from September 16 to 17 at the Riyadh International and Convention and Exhibition Centre, with leading experts discussing ways to achieve a sustainable contracting sector.
It is being organised by the Saudi Contractors Authority, a newly-formed government authority responsible for regulating the kingdom’s contractor industry and increasing mergers and acquisitions in a market where construction projects are expected to surge in the coming years.
The two-day event will see government authorities, regulators, and key industry players join forces to develop the kingdom’s $1.4 trillion construction market.
It is being held under the patronage of Dr Majid bin Abdullah Al Qasabi, Saudi’s Minister of Commerce and Investment, said the organisers.
According to Project Intelligence Platform Ventures Onsite, till date, the total value of Saudi construction-related projects, comprising buildings, industrial, power and water, oil and gas, and infrastructure, is estimated to be worth $1.4 trillion.
Engineer Thabet Mubarek Al Sawyeed, the Governor of the Saudi Contractors Authority (SCA), said: "The debut event is being organised under the guidance of the Saudi Vision 2030. As part of Vision 2030, Saudi Arabia is going through immense change, and part of this change is to achieve a sustainable contracting sector for the Kingdom."
"In line with King Salman’s vision, the SCA’s mandate is to organise, develop and regulate Saudi’s contracting industry, enabling it to build competent capabilities and to raise the standards produced by the sector, thereby establishing a safe and secure work environment," stated Al Sawyeed.
"We are therefore launching the ICCE under the theme of ‘Building the future with confidence’. Its aim is to not only create business opportunities, but to solve challenges in the contracting industry, encourage creativity, enhance communications, educate, facilitate and advocate not only SCA members, but the construction industry as a whole,” he added. -TradeArabia News Service
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