What does the future hold for the construction industry in Saudi Arabia?
We expect the boom to continue at least for the next two to three years, as the government has announced several major projects. This is supported by the increase in oil revenue and the expectation that oil will remain the world’s energy of choice. The strategy adopted by the government to invest in megaprojects and to support private investors is helping the economy grow. Many project initiatives were recently launched by King Abdullah to foster the economy. According to the International Energy Agency (IEA), worldwide energy demand for oil and gas will grow by more than half over the next quarter-century, exceeding 16 billion tonnes of oil equivalent. Saudi Arabia will be investing US $80 billion dollars (SAR299.6 billion) over the next five years on several energy projects. Saudi Aramco is working on six major crude oil increments, at various stages of development, which will require large and small cranes to construct world-class projects, with a total production capacity of some t
