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FINANCIAL NEWS
Saudi 2011 construction sector to grow 4%
18 May 2011
(MENAFN) The Saudi Arabia Infrastructure Report showed that this year, construction industry in the Kingdom would witness a 4 percent increase reaching USD23 billion, and the sector’s yearly growth between 2011 and 2015 would keep the same rate, reported Emirates 24/7.
It added that the sector saw investments of USD100 billion in the social and economic infrastructure projects as well as in the pipeline which indicated high levels of existing activity and future growth possibility for the sector.
Drake & Scull International’s (DSI) CEO, Khaldoun Tabari, said that as a result of the increasing Saudi national population with strong demographics, where sixty six percent of the population is under the age of twenty five as well as the growing economy, the Kingdom kept a strong and sustainable demand for infrastructure projects.
It is worth noting that the USD154 billion national budget, which is the largest state expenditure to date, the USD77 billion homebuilding fund and the latest mortgage law provide a strategic motivation for companies to expand and seek growth in the kingdom’s attractive market.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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