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$5.6 billion approved for construction projects in Saudi Arabia in 2010.

Posted on : 07 May, 2010

 

"Saudi Arabia awarded development contracts worth $5.6 billion in the first quarter of this year as the Middle East’s largest economy pursues a five-year infrastructure program”. Arab News (April 2010)

 

Saudi Arabia has like other nations, boosted spending on construction projects to underpin economic growth, and has warned against early withdrawal of stimulus packages. The IMF expects the Saudi economy to grow by 3.7% this year after 0.15% of growth in 2009.

 

Saudi Arabia has like other nations, boosted spending on construction projects to underpin economic growth, and has warned against early withdrawal of stimulus packages. The IMF expects the Saudi economy to grow by 3.7% this year after 0.15% of growth in 2009.

 

Arab News quoted the Finance Ministry commenting that more than $400 billion will be invested until 2013 and will go towards essential infrastructure development and construction projects such as building schools, roads and increasing spending on healthcare and education.

 

Read full article here.

 

These upcoming infrastructure projects paint a positive outlook for the cement and construction industries in Middle East. With economic development fuelling infrastructure investments, Saudi, one of the largest cement markets of the GCC will continue to be a robust market determinant for the cement industry.

 

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