Saudi Contractors Authority Chairman: Construction Market Size is at value of More than SAR 255Bn, Representing 6% of the Saudi Kingdom’s GDP
Eng. Zakariya Abdel Rahman: Enabling Contractors To Explore New Investment Opportunities, Take Advantage of Local and Foreign Powerhouses Is A Core Mission
Cairo May 28th –
Eng. Zakariya Alabdulqader, Chairman of The Board of Directors at Saudi Contractors Authority, stated that the building and construction sector is considered the second largest non-oil sector with a market value of SAR 255Bn annually in Kingdom of Saudi Arabia, representing 6% of the GDP .
In this regard, the authority has set a strategic vision for building local and regional partnerships , as well as ensuring attractive ecosystems for investments, and innovation, as well as participating in specialized events locally and regionally and offering high- impact solutions for the contracting sector.
In his remarks at Builders of Egypt Conference 2023, he highlighted that the authority pursues contributing to achieving the KSA’s Vision 2023, through executing construction and operational projects, as well as offering services for all the targeted sectors.
The sector also participates in the implementation of major strategic projects overseen by the Public Investment Fund, including NEOM, and The Line. He added that the sector’s role complements with 6 out of 24 pillars of of Saudi Arabia’s vision 2023, as set by Saudi Crown Prince, targeting carry out new projects in housing, education, energy, health, pilgrimage, umrah, transport, telecommunications, and tourism.
The Saudi Contractors Authority is a professional entity with an independent corporate personality Established according to a resolution of the Council of Ministers, it aims to create a secure environment for national and foreign business contractors in Saudi Arabia. It offers a platform enabling Contractors to explore new investment and partnership opportunities, and take advantage of local and foreign powerhouses .
Hence, the authority chairs the newly revived Federation of Contractors in Islamic Countries (FOCIC), in collaboration with 26 Islamic countries to harness the Islamic countries’ role in the construction sector, as well as seizing foreign investment opportunities, with the support of the Arab and African federations for contracting.
The Authority also held an the 6th edition of its conference last week, in the presence of 16 countries, offering a platform for showcasing the future investment opportunities in the kingdom to set a roadmap for all the operating entities in the contracting sector. It gained a momentum, hosting 40 public and private exhibiting countries, and 3000 contracting companies to showcase more than 3000 projects at estimated value of $ 270billion.
Since 2014, Builders of Egypt Forum has always been the largest event ever of mega importance for key construction, building materials, and contracting players in Egypt and Africa, driven by the government’s extended support to boost the investment ecosystem in construction and sustainable development.
