Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Saudi Arabia’s Future Projects Forum Showcases $160 Billion-Worth Projects

Saudi Arabia’s Future Projects Forum Showcases $160 Billion-Worth Projects

Thursday, 6 February, 2020 - 08:45
The press conference of Future Projects Forum (FPF) 2020. SPA

The Saudi Contractors Authority (SCA) will stage its second Future Projects Forum (FPF), the largest gathering for the building sector in the Kingdom, in Riyadh on Feb. 25 and 26.

This year’s event will see the participation of 35 government and private agencies to highlight key sector projects planned for the Kingdom. More than 850 Saudi construction projects worth more than SAR600 billion (USD160 billion) will be featured at the forum.

Most of the construction schemes have been initiated in line with the goals of the Saudi Vision 2030 reform plan.

Through the FPF, the SCA aims to offer the chance for contractors, investors, suppliers, developers, banks, insurance companies, study, and consulting centers.

“This forum is a unique platform for project owners to showcase their projects and promote the principle of transparency and competitiveness. It provides an opportunity for sponsors to learn the trends of the coming period’s projects,” SCA Secretary-general Thabit al-Suwaid said.

“In addition, the forum provides an opportunity for contractors and investors to discover future projects put forward by several agencies under one umbrella and in one place, enabling them to prepare their future plans.”

Suwaid added that “it is also an exceptional opportunity for building relationships, as it allows contractors and investors to meet project owners and learn about the requirements, registration methods, and the required qualifications.”

“This helps improve their plans and decisions by identifying the time period for future projects, their estimated costs, the qualification mechanism and how to compete for it.

“The forum also creates a network of project owners, contractors, and interested parties, in addition to providing an opportunity to build partnerships between the contractors themselves.”

The first FPF, held in 2019, saw a huge attendance by government and private agencies. The total value of projects was SAR450 billion (USD120 billion).

Companies including Saudi Aramco, Saudi Basic Industries Corporation (SABIC), Entertainment Projects – SEVEN, the Ministry of Defense, the Ministry of Housing, the Ministry of Labor, the Ministry of Justice, the Ministry of Health, the Ministry of Municipal and Rural Affairs, and the Ministry of Communications and Information Technology will participate in this forum.

Editor Picks