Defying the global and regional trends of recession, Saudi Arabia is currently executing projects worth $300 billion, spanning the power and water, transport and hydrocarbons and construction sectors, said a report.

Under the ambitious reform agenda being driven by Deputy Crown Prince Mohammed bin Salman, within its recently announced Vision 2030 framework, Saudi Arabia is seeking to drive the non-oil economy and stimulate private investment in state activities, reported www.arabnews.com.

In its Vision 2030 strategy, Saudi Arabia has set itself the target of increasing the private sector’s contribution to GDP (gross domestic product) from 40 per cent today to 65 per cent by 2030, and growing non-oil government revenues from SR163 billion ($43 billion) to SR1 trillion ($267 billion) by the end of the next decade.

With a raft of road, rail, port and airport projects planned, the kingdom's construction sector is poised for solid growth, reported the Arab News, citing a senior industry official.

The Saudi government is also supporting several projects, while it is reviewing a large number of projects also, remarked Fahad Mohammed Al Hammady, chairman of the National Committee for Contractors at the Council of Saudi Chambers (CSC).

“Whatever the case may be, a better future for construction section is anticipated,” said Al Hammady, while speaking at an event organised by the German-Saudi Arabian Liaison Office for Economic Affairs (Gesalo) in Riyadh.

A presentation was held in co-operation with the CSC and the Germany’s Messe Munchen to introduce the world’s leading trade fair for architecture, materials and systems - ‘BAU Trade Fair’ to Saudi Arabia.

The trade fair, to be attended by a large number of Saudi exhibitors and visitors, will be held in the German city of Munich from January 16 to 21.

On the current scenario with regard to the kingdom's contracting sector, Al Hammady said that despite the regional economic recession, the spending on projects are still continuing in the Gulf states including the kingdom.

In fact, the GCC’s construction community is likely to see the business bounce back in 2017, he added.