Growth predicted for Saudi construction sector
More than 800 exhibitors from 35 countries around the world will showcase their products and services at the Saudi Build/Stone-Tech/The PMV Series 2012 this month in Riyadh in a bid to tap the huge opportunities offered by one of the most buoyant construction and interiors markets in the Middle East.
The event is set to run from November 11 to 14 at the Riyadh International Convention and Exhibition Centre, Saudi Arabia. Featuring 17 national pavilions, the show will cover 26,000 sq m of exhibition space spread over four halls, one temporary built hall and the outside area. Over 25,000 visitors from the kingdom and the region are expected to visit the four-day event.
As the largest business-to-business construction fair in Saudi Arabia, visitors will be able to evaluate the latest offerings in building materials, architectural finishing products, stone, marble and granite, among others.
The multi-billion dollar construction market in Saudi Arabia is the largest of its kind in the region. With the Saudi government adopting an economic diversification strategy, the Kingdom’s construction and interiors sector has witnessed unprecedented growth due to significant influx of public and private investments, according to the show organiser, Riyadh Exhibitions Company (REC).
The country’s rapidly growing population has also contributed to the current boom, as the government is constantly in need to build houses, hospitals, medical centers, schools and universities.
Furthermore, the growth of the trade, finance and business sectors has triggered a stressing need for more office spaces, shopping malls, hotels and other developments.
In line with this multi-faceted growth, Saudi intends to invest US$ 400 billion within its Ninth Development Plan. In fact, the government has allocated about half its previous budget to large-scale investment projects aimed at developing the infrastructure and diversifying economic resources. Estimates show that the value of private-sector investments in miscellaneous real-estate projects across the Kingdom will reach US$ 150 billion in 2012.
Overall, the building and construction sector in Saudi remains one of the safest, most appealing sectors for investments with an average annual growth rate of 7.5 per cent.
Saudi is also one of the largest stone and marble markets in the region. Importing up to 99 per cent of its needs from marble, ceramics and granite, the Kingdom provides lucrative investment opportunities for foreign and Arab companies in this field. During the past five years, this sector has scored a 15 per cent growth with US$ 176 million worth of marble, stone and stone products imports in 2011, turning Saudi Arabia into one of the top 20 importers of stones and stone products in the world, according to a spokesman for REC.
Saudi Stone Tech 2012 - the 15th International Stone and Stone Technology Show – is organised in collaboration with the VeronaFiere and the Italian Marmomacchine Association, the organising bodies behind the famous Marmomacc – the International Natural Stone, Design and Technology Exhibition – in Verona, Italy for more than 45 years.