Stability to boost Saudi foreign investments
Riyadh, December 15, 2009
Stability across key project-driven sectors in Saudi Arabia will attract more foreign investments and accelerate economic growth to put the Kingdom at the forefront of the region’s recovering economies, according to a recent study.
Collaboration, Management and Control Solutions (CMCS), a leading project portfolio management firm in the Middle East, in its study said that the Saudi real estate industry was expected to sustain an annual growth rate of between 5 to 7 per cent through 2012, driven by strong domestic housing demand, expanding business development projects and a surging hospitality sector.
Citing recent reports, CMCS pointed out that the Kingdom’s telecommunications sector, the largest in the Gulf, was in a similarly thriving state, with the mobile market in particular growing rapidly in the past years to surpass the 100 per cent penetration mark.
Although significantly impacted by the financial crisis, the petrochemical sector is being streamlined by government and primed for further expansion, with profitability expected to increase at a compound annual growth rate of more than 6 per cent in the next two years.
Other businesses which will continue to positively impact Saudi Arabia’s competitiveness and development are banking, which remains minimally exposed to and resilient against the global downturn, and healthcare, which is set for 12 per cent growth through 2012.
“Saudi Arabia represents one of the most optimistic markets from both regional and global perspectives,' said Bassam Samman, CEO and Founder of CMCS, which recently opened two local offices in the Kingdom.
CMCS, the recipient of 49 awards from Oracle Primavera, currently serves more than 1,500 clients. The company is a registered education provider for PMI, AACE, CSI and IIBA, he noted.
CMCS deploys state-of-the-art technology solutions from Oracle’s Primavera product line and from those of other industry leaders such as Hard Dollar, Deltek, EcoSys, ADePT, eTimeMachine, and Synchro.
'We intend to play a key role in realizing the immense market potential of the country and helping it continue its development momentum,' Samman added.-TradeArabia News Service