A recent report specializing in project appraisal has found that the volume of future development works under development that have not been awarded major contracts is worth more than $250 billion, according to a new report prepared by MEED, a leading business intelligence company, entitled Saudi Arabia “2017: Realizing Vision 2030”. These projects represent approximately 39% of the total proportion of projects in the GCC, confirming the Kingdom's position as the largest project market in the region.
Energy and construction projects at the forefront
In the details of the report's data, the energy sector ranked first with 82 billion riyals, representing about 33% of the local total, while the construction sector ranked second with 29%, followed by the transportation sector in third place with 27 percent.In the details of the report's data, the energy sector ranked first with the size of projects that have not been awarded contracts, with a value of 82 billion riyals, representing about 33% of the local total. The energy, construction and transportation sectors together comprise unawarded contracts worth about $225 billion, or approximately 89% of the total value of contracts in the Kingdom in the pre-execution phase. From the above, it is clear from the Mid Projects report that the next phase will witness a developmental movement in various sectors of the local market, which indicates the flow of more liquidity in the construction, building, transportation and transportation sectors.
2017 is the year of fulfilling promises
Following a year of uncertainty in 2016 as the Kingdom formulated its response to low oil prices, the 225-page report suggests that 2017 will be the year when the Kingdom begins to deliver on its promises. Having laid out a blueprint for economic transformation in the Vision 2030 document, the Kingdom is now seeking to implement these reforms in order for the economy to regain its footing in the era of low oil prices.
The first major steps include <The first major steps taken include the establishment of the National Center for Privatization to plan and oversee the securing of public-private partnerships as well as other private sector initiatives. A range of government agencies are being prepared to privatize some parts.
Four PPPs have already been awarded this year to develop airports in Yanbu, Taif, Qassim and Hail. Saudi Arabia wants to privatize development projects at all airports by 2020, and consultants have been hired to develop plans to involve private investors in other sectors such as healthcare.
Construction of 3,000 major medical centers
The Ministry of Health is currently seeking consultants to help it develop a framework for the construction of about 3,000 large and major medical centers with private sector participation.Richard said the Ministry of Health is currently seeking consultants to help it develop a framework for the construction of about 3,000 large and major medical centers. <Richard Thompson, editor-in-chief of MEED, said: “This report confirms that despite the challenges we have seen over the past two years as a result of low oil prices, the Kingdom remains the largest and most important market in the region.”
The year 2017 also saw progress in the Kingdom's medical industry. <2017 also saw significant progress on the Kingdom's ambitious renewable energy program. Under the National Transformation Program, the Kingdom is targeting 3.45 gigawatts of installed capacity by 2020.
370 billion dollars worth of contracts in 7 years
<In early February, the Ministry of Energy, Industry and Mineral Resources announced the establishment of the Renewable Energy Project Development Office to head the National Renewable Energy Program. In the same month, the REPDO issued prequalification documents for the first 700 MW solar projects. The report provides a detailed analysis of the Kingdom's trillion-dollar project market, the largest in the region.The report provides a detailed analysis of the Kingdom's trillion-dollar project market. The report covers key sectors of the economy such as hydrocarbons, industry, utilities, construction and transportation, detailing key projects planned and underway in 2017.
The report provides a detailed analysis of the Kingdom's $1 trillion project market, the largest in the region. Overall, the Kingdom has awarded over US$370 billion worth of contracts across all sectors since 2010, with projects in the bidding or design phase worth around US$252 billion.
Overall, the Kingdom has awarded over US$370 billion worth of contracts across all sectors since 2010, with projects in the bidding or design phase worth around US$252 billion.
