Saudi Arabia’s government spent a staggering SAR1.2 trillion (around $320 billion) on the construction sector in the past five years, according to an industry source.
The Saudi ministry of planning and national economy plans to spend SAR863bn by 2025, says Rasheed al-Rasheed, a member of Saudi Arabia’s Eastern Province’s chamber of commerce and industry.
The construction sector is the second largest and most important sector after oil in the kingdom, Al-Rasheed reveals in remarks published by Al-Yaum paper.
He adds that the construction sector has generated two million job opportunities in the past, but he did not specify exactly when.
Saudi Arabia has 115,000 registered construction contractors and assets of construction companies amount to SAR200bn
In 2014, the government awarded contracts and tenders worth SAR157bn. In Saudi Arabia, there are 115,000 registered construction contractors.
The assets of construction companies, which comprise 27 per cent of the total number of registered entities in the kingdom, amount to SAR200bn.
Al-Rasheed points out that the construction sector delivers significant growth rates driven by ambitious government plans to spend more on this sector.