October 27, 2020

Saudi Arabia plans $200bn construction spend in two years

construction

Saudi Arabia has announced a planned spend of $200bn in development projects over the next two years.

Ibrahim Al Moaiqel, the director general for the Human Resources Development Fund (HRDF), stated: “This development is expected to spur continued growth among stakeholders in the kingdom’s construction market, especially for local businesses.

“Equally important, as the sector develops, more employment opportunities should open up for Saudi nationals and further contribute to the country’s continued push for economic growth.”

The HRDF has joined forces with the regional business intelligence firm Meed to organise the first ever Saudi Talent in Construction Conference on Sunday 6 December at the Intercontinental Hotel in Riyadh.

The event will bring together experts in the industry to consider the kingdom’s various talent development programmes and policies within the construction sector.

Colin Foreman, the editor of Meed, commented: “A recent industry report says overall employment across the GCC is still on the rise, despite the fall in oil prices and its subsequent effect on regional economies. Saudi, however, is pushing through with its investment plans in the construction sector, so that should mitigate any slowdown felt in other sectors.”

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