Saudi construction value to hit $23bn in '09
Riyadh, September 30, 2009
Saudi Arabia’s construction sector is expected to achieve a 0.05 per cent growth in real terms, reaching a nominal value of SR87.23 billion ($23.2 billion) in 2009, said the organisers of a major upcoming construction event in Riyadh.
Riyadh Exhibitions Company (REC), organisers of Saudi Build/Stone 2009, the biggest business-to-business construction and stone technology event in the region, further said that the show has witnessed an exceptional 50 per cent growth in line with the sustained positive performance of Saudi Arabia's construction sector.
REC also revealed that the exhibition area for the upcoming edition of the event has been fully booked with more than 650 regional and international companies from 38 countries signing up for Saudi Build/Stone 2009, while there will also be national pavilions representing Australia, Austria, Brazil, China, Finland, France, Germany, Greece, Indonesia, Iran, Italy, Portugal, Saudi Arabia, Turkey, UAE and UK.
'We are witnessing a growing demand for infrastructure development in Saudi Arabia and a strong desire by developers to create greater market value to ensure the long-term sustainability of their projects,” said Fadi Kaddoura, vice president – sales and marketing, REC.
“This has in turn increased the demand for high-quality stone products and technology as well as construction and real estate-related services, opening new and exciting opportunities for local and international investors and business organisations to sustain their growth initiatives,” he added.
“Saudi Arabia has certainly become one of the most attractive construction and real estate destinations in the world.'
Recent reports have noted that the increasing infrastructure requirements of the country's growing population and stability of the banking sector have helped stimulate the sustained growth of construction activities in Saudi Arabia.
Local Saudi banks have disclosed that combined net profits, with the exclusion of one, have increased 2.91 per cent to SR6.472 billion during the first half of 2009, highlighting the continued economic growth and providing the much needed liquidity to sustain various construction projects all over the country.
Saudi Build/Stone 2009 will feature Saudi Stone 2009 – the 12th international stone and stone technology show; and Saudi Build 2009 – the 21st international construction technology and building materials exhibition.
The concurrent events will be held from October 4 to 7 at the Riyadh International Exhibition Centre. – TradeArabia News Service