New projects in Saudi Arabia
Information and Updates on the Newest Construction Projects in Saudi Arabia and new projects in Saudi Arabia
Similar to most other countries and their industries, the Kingdom of Saudi Arabia (KSA) has experienced a significant economic impact due to the COVID-19 pandemic, resulting in fluctuating oil prices and demand in 2020.
However, the strengthening global economy and oil price increases are anticipated to put the country’s growth plan in the right track as early as 2021. Nevertheless, there are still close to USD $1.5 trillion worth of active projects in Saudi Arabia – despite the recent global setbacks. This reiterates the country’s determination and ever-growing potential in the global economy.
Furthermore, according to IMF, despite its 4.1% decline in 2020, the KSA economy is expected to grow by 2.1% in 2021. As for the country’s non-oil GDP, a bounce back has already been realised by the second half of 2020, with projections indicating further growth for 2021. As it stands, IMF anticipates a non-oil growth of 3.9% in 2021 and 3.6% in 2022, which is a significant rise compared to the 2.3% decline in 2020. The Crown Prince has been spearheading a push for KSA to boost non-oil revenues to about US$ 12 bn by 2030.
NEW CONSTRUCTION PROJECTS IN SAUDI ARABIA
Trending construction projects in Saudi Arabia
Ventures Onsite announces new construction projects in the KSA which include
The Red Sea Project
New Projects in Riyadh include
in Al Kharj
All of these construction projects are testament to Saudi Arabia’s projected prosperity across a multitude of industries. This ultimately emphasizes the Kingdom’s stance as one of the largest construction markets in the region.
ECONOMIC UPDATES: SAUDI ARABIA PROJECTS
The kingdom of Saudi Arabia (KSA) is focused on diversifying the economy under its Vision 2030 programme that aims to cut its dependence on hydrocarbons and develop local industries.
The kingdom plans more than US$ 3 trillion in investment in the domestic economy by 2030; which is expected to be tough to meet according to economists.
Saudi Arabia's new development projects are Neom, Red Sea Project and Qiddiya.
The private sector is also expected to contribute to achieving the kingdom’s ambitious vision and supporting the implementation of its programs.
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.
Frequently Asked Questions (FAQ)
How many construction projects are there is Saudi Arabia?
There are over 3500 active projects in KSA, this number keeps on changing as our team of researchers updates and adds new projects every day.
What construction projects are there in the Saudi Arabia?
The Kingdom of Saudi Arabia leads the construction activity in the GCC region and has a very active construction market with projects ranging from small to medium to mega and giga projects in size and value. Some of the major projects include Neom, King Abdullah Economic City, King Abdullah City of Atomic and Renewable Energy (KA-Care), Jeddah Economic City, Marjan Crude Increment Program, The Red Sea Project, King Salman Park, Amiral Petrochemical Complex, Berri Increment Programme, Landbridge Project, Renewable Energy Programs, Jafurah Gas Plant, Amaala, Murooj Jeddah, King Salman International Complex for Maritime Industries and Services etc. to name a few.
How to get a list of construction projects in Saudi Arabia?
You can subscribe to www.venturesonsite.com which will give you list and all other details of ongoing, planned as well as completed construction projects in KSA
Who are some of the key clients related to Construction Sector in UAE?
Some of the key clients or projects owners in KSA include Public Investment Fund (PIF), Saudi Aramco, Ministry of Housing – Sakani, Royal Commission for the Riyadh City (RCRC), Saudi Electricity Company (SEC), King Abdullah City of Atomic and Renewable Energy (KA-care), Ministry of Transport, The Red Sea Development Company (TRSDC), Diriyah Gate Development Authority, Jeddah Central Development Company etc.
What are the top construction companies in the Saudi Arabia?
KSA's active and major contractors include Nesma & Partners, Larsen and Toubro, El Seif Engineering, Binladin Contracting Group (BCG), Al Bawani Company, Samsung Engineering, JGC Corporation, Hyundai Engineering & Construction, Saipem, Archirodon etc. to name a few.
What are the Saudi Giga projects?
Saudi Arabia has several mega and giga projects under various development stages. These include Neom, Amaala, The Red Sea, King Abdullah Economic City (KAEC), Murooj Jeddah, Kiddie City, Rua Al Madinah, New Jeddah Downtown etc.
What is Saudi Vision 2030?
Vision 2030 is an enormously ambitious plan to diversify KSA’s economy and reduce its dependence on hydrocarbons. The kingdom is using its strategic location to build its role as an integral driver of international trade and to connect three continents: Africa, Asia and Europe. Vision 2030 is built around three themes: a vibrant society, a thriving economy and an ambitious nation.