SAUDI ARABIA CONSTRUCTION MARKET UPDATES
Saudi Arabia has over US$1.5 Trillion worth of projects, and still continues to be the next major construction market which will drive the GCC region’s construction industry despite the current slowdown.
Billions of dollars worth of stimulus packages were announced to support the economy, companies and individuals. Although this is not enough to bring the economy back into growth mode, these measures will help to cushion the fall to a certain extent. 2021 is expected to register growth in contractor awards and construction activity compared to 2020, however, 2022 is when the numbers are expected to stabilize.
Saudi's long term prospects are promising especially for the construction industry.
TRENDING CONSTRUCTION PROJECTS
Saudi Arabia Economic Updates
- Saudi Arabia eases entry regulations for those with UK, US, Schengen visas as part of its effort to boost the tourism sector and also opening up the economy.
- Saudi Arabia announced that the country will be cutting $13.32 Bn of the 2020 Federal budget to combat Covid- 19.
- The Finance Ministry is understood to have instructed government agencies to submit proposals for cuts of between 20% and 30% in their 2020 budget.
- Saudi Arabia announced major austerity measures to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax (VAT) to 15% and cutting a cost-of-living allowance for government workers.
The Kingdom of Saudi Arabia is considered a top business investment destination in the Middle East. This oil-rich country attracts a number of investors and project developers due to its booming economy. But investing in projects and developments should be backed by data and accurate projections. Without the necessary information, prospective investments and bidding might not go as planned.
Ventures ONSITE is a premier construction intelligence platform that offers comprehensive data and tools to study new projects in Jeddah and other constructions developments in Oil & Gas, Industrial, Building, Infrastructure, and Utilities sector. Our platform offers tools and data to help users get in-depth information about the trending and upcoming construction-related projects.
Trending Projects: Comprehensive and in-depth details about new projects in Jeddah Project data is essential for contractors and investors to review. Our team of researchers goes way above and beyond to gather new and relevant information and update our database. Every data goes through a screening and verification process to ensure the accuracy of the information.
All information is expertly categorized to ensure that users will be able to search the data they need with ease. Whether you are looking for data on ongoing projects in Saudi Arabia 2019 or looking for potential business, we have you covered.
Major Projects: Essential business tools for project forecasting and data analysis We aim to provide our clients with an end-to-end solution when it comes to forecasting and analysing business and project-related data. We include a number of features that would help them analyse information, forecast growth and projections, and make personal notes about a potential investment or project bidding.
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