Nearly 18,000 projects are expected to be carried out in Saudi Arabia in the next years within its landmark economic transformation scheme known as Vision 2030, according to the Gulf Kingdom’s contractiong sector regulator.

The projects, worth trillions of riyals, cover a wide variety of sectors including infrastructure, roads, power and airports, said Mohammed Al-Ajlan, Chairman of the Saudi Contractors’ Authority (SCA).

“The construction sector in Saudi Arabia is passing through a golden period…we expect it to grow by an average 5 percent annually until 2030,” he told the Saudi Arabic language Al-Madina newspaper on Sunday.

Ajlan said there has been a push by foreign companies into Saudi Arabia to take advantage of a surge in domestic projects.

He added:”The Saudi market now needs to create large alliances with foreign firms because some projects require experiences and foreign technology.”

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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