This came during his speech at the opening of the sixth edition of the Future Projects Forum 2024, organized by the Saudi Contractors Authority in Riyadh from May 20-21, aiming to enhance cooperation between more than 35 entities from the government and private sectors, and provide an opportunity for contractors and interested parties to learn about future projects in the sector.
He said that the Forum is keen to advance the contracting sector by stimulating cooperation between local and international competencies, employing modern technologies, and applying international quality to maintain public health and safety for workers and citizens. The new edition of the Future Projects Forum comes in light of the great support and attention given by the government of the Custodian of the Two Holy Mosques and His Highness the Crown Prince - may Allah protect them - to the development of the contracting sector, pointing out that the sector is a key pillar in growth and prosperity, and is one of the enabling sectors for the initiatives of the Kingdom's Vision 2030 and a key driver of many different sectors.
He pointed out that the sector represents a key pillar in growth and prosperity, and is considered one of the enabling sectors for the initiatives of the Kingdom's Vision 2030 and a key driver for many different sectors. Al-Hogail pointed out that work has been done to increase the number of classified establishments in the sector, train and qualify workers in the sector, adopt model contracts as execution bonds, in addition to providing financing possibilities and increasing the use of modern technologies to increase the quality of project implementation, and the draft national strategy for the contracting sector and its governance to ensure integration between the relevant authorities."
Minister Al-Hogail drew the attention of the Minister of Municipal Affairs to the national strategy for the contracting sector and its governance to ensure integration between the relevant authorities. The Minister of Municipal and Rural Affairs and Housing pointed out that more than 1,000 foreign companies have been attracted, referring to the agreements signed during the past months to raise the efficiency and quality of projects, including a partnership with the Chinese CITIC Group to establish an industrial city and logistics areas that include 12 factories to ensure the security of supply chains for housing projects, in addition to signing a number of memorandums of understanding with the Chinese International Contractors Association, the Turkish Contractors Union and the Korean Contractors Union to enhance their presence in the Saudi market.
Haqeel noted that more than 1,000 foreign companies have been attracted to Saudi Arabia in recent months. In his speech, Al-Hogail pointed out that the contracting sector is expected to witness a qualitative leap in the coming period in transformational projects, through the launch of more than 1,185 projects with an investment value exceeding 240 billion dollars, in line with the rapid growth witnessed by the Kingdom in various fields within the initiatives and programs of Saudi Vision 2030.
Al-Hogail pointed out in his speech that the contracting sector is expected to witness a qualitative leap in the coming period in terms of transformational projects.
