Saudi Arabia awards record $148bln project contracts in 2024
Saudi Arabia awarded just under $148 billion worth of contracts in 2024, the highest total ever recorded by a single country in the GCC, as its giga projects programme enters full swing.
This total is more than double the $287 billion total for the region as a whole last year, itself a record high, said a MEED report ahead of its Saudi Giga Projects Summit for 2025.
To be held in Riyadh at The Venue from May 12 to 14, it aims to present an in-depth analysis of the kingdom's ongoing giga projects, serving as a platform for construction updates, progress reports, and networking opportunities among stakeholders in the Saudi construction sector.
The Saudi Giga Projects 2025 Summit, which is being hosted by ROSHN Group, aims to pioneer the future of construction and infrastructure sectors. It will provide participants with a comprehensive understanding of the kingdom's ambitious construction endeavours.
Data from the MEED Projects database reveals that an estimated $105 billion worth of work has already been contracted on the $870 billion-plus giga projects programme, highlighting that most of the activity is still to come.
The giga projects program is at the heart of Saudi Arabia's 2030 Vision aimed at transforming the kingdom into a tourism and entertainment hub while creating hundreds of thousands of new jobs.
The kingdom's projects market performance was driven by its construction and infrastructure sectors, which together reached $49 billion, the majority of which comprised expenditure on giga projects.
Beyond project updates, the event serves as a gateway to explore a broader spectrum of prospects within every facet of the construction industry, said the organisers.
The upcoming event will focus on key projects, spotlighting Soudah Development, The Boutique Group, ROSHN, Red Sea Global, Diriyah, AlUla, NEOM, King Salman Park and New Murabba among others.
Attendees will gain insights into supply chain resilience, demand signals, advanced manufacturing techniques, and the latest technologies shaping the sector's future, they added. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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