Saudi heavy equipment market valued at more than USD246m

07 Oct 2012

(MENAFN) Saudi Arabia is still one of the top heavy equipment rental markets in the Middle East with annual revenues exceeding USD246 million, Saudi Gazette reported, citing a Saudi expert.

Ziyad Al-Rukban, the assistant general manager at Riyadh Exhibitions Company, the organisers of Saudi PMV 2012, said that Saudi Arabia is the Middle East’s largest building and construction market with an average annual growth of 7.5 percent.

He noted that analysts expect the Gulf Kingdom’s construction equipment sector to sustain an average annual growth of five percent in the next five years.

Saudi PMV will be held concurrently with Saudi Build 2012, the 24th International Construction Technology and Building Materials Exhibition, and Saudi Stone-Tech 2012, the 15th annual International Stone and Stone Technology and Machinery Exhibition, from November 11 to 14 at the Riyadh International Convention & Exhibition Centre.

Al-Rukban said the Saudi PMV serves as an ideal networking and marketing platform that will gather key figures, decision-makers and investors from the global construction industry, specifically those dealing with heavy construction machinery and equipment, including plants, vehicles and machinery.

Saudi Build 2012 serves as a key networking platform that will provide contractors, real estate developers and building owners with a full range of construction and building solutions.

Saudi Stone-Tech 2012, on the other hand, caters to evolving requirements and changing trends in stone technology products and services.

World demand for construction machinery is projected to expand 6.5 percent annually by 2015 to USD171 billion, in line with the 2005-2010 rate of increase.