Saudi government agencies are preparing to reveal a unified platform featuring thousands of colossal development projects, collectively worth over one trillion Saudi riyals ($266.6 billion).
These projects are set to be showcased to contractors next week to bolster domestic content and revitalize the contracting sector, which is not only the country’s largest economic sector but also a key driver for numerous activities.
This initiative is expected to offer unparalleled opportunities for uplifting the national economy and diversifying income sources.
The Saudi Contractors Authority held a press conference in Riyadh to provide an overview of the fifth edition of the Future Projects Forum 2023.
The forum is scheduled to take place on May 22-23, 2023, in Riyadh under the patronage of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail.
During the conference, Eng. Zakaria bin Abdulrahman Al-Abdulqader, the Chairman of the Board of Directors of the Saudi Contractors Authority, highlighted the significance of the forum’s current edition, which aligns with positive economic developments in the Kingdom.
According to Al-Abdulqader, these developments stem from the remarkable progress achieved by the Kingdom Vision 2030, as evidenced by a 7.8% increase in real GDP between 2021 and 2022.
He also emphasized the Saudi leadership’s commitment to involving the private sector in the national development process, in alignment with the objectives of the Kingdom Vision 2030.
Al-Abdulqader underscored the contracting sector’s fundamental role in driving the economy’s growth and prosperity, given its close relationship with the Kingdom’s diverse and comprehensive giant initiatives that support long-term sustainable growth and revenue diversification.
Ensuring financial sustainability is crucial to fostering a robust contracting industry capable of effectively executing major projects, promoting local content, and creating employment opportunities for citizens.
Abdulmajid Al-Rashoudi, the Secretary General of the Saudi Contractors Authority, emphasized that the forum aims to enhance coordination and integration among project owners, contractors, manufacturers, and suppliers.
This collaboration will showcase the extensive range of opportunities and projects that the contracting sector requires as it serves as the executive arm of the ambitious Kingdom Vision 2030 initiatives and is a key driver across various sectors.
