The construction sector across the Gulf region will begin to recover from the beginning of 2020. Activity in the construction sector across the Gulf region will begin to recover steadily from the beginning of 2020, after a challenging period of subdued performance.Saudi Arabia currently holds the greatest potential for the construction sector within the GCC, with more than 5,000 capital projects worth well over $1.6 trillion in the pre-execution stage.That includes over 150 development projects worth $3.27 billion, for the Tabuk region, in the northwest of Saudi Arabia, that were announced by Saudi’s King Salman in November last year.
The king also launched more than 600 projects in Qassim, 400km north west of Riyadh, worth $4.36 billion and around another 200 new projects in Hail, also in the north west of the Kingdom, valued at $1.14 billion.
Furthermore the Vision 2030 initiative,is the $500 billion, 26,500 sq km, Neom project, situated along 468km of Saudi’s Red Sea coast close to Egypt and Jordan. The first phase of Neom, is due for completion in 2025.
The kingdom is committed to completing these projects and is confident that it will be find the appropriate finance to do so.which makes the kingdom the most dynamic construction market in the Middle East.