Saturday, 21 October 2017 05:05 GMT
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Saudi- Construction market likely to hit SR1.12 trillion in 2016

(MENAFN - Arab News) The value of construction market in the Kingdom is predicted to hit $300 billion (SR1.12 trillion) in 2016, local media said quoting an expert



Construction and building sector occupies the second rank in the Saudi economy after the oil sector where its contribution to the gross domestic product (GDP) in 2012 reached 16.5 percent, CEO of Dhahran International Exhibition Co. Mohamed Al-Husaini told Al-Jazirah daily



In December, a study prepared by Riyadh-based Jadwa Investment said the construction sector, one of the largest contributors to the Kingdom's non-hydrocarbon GDP, grew by around 5.7 percent year-on-year in Q3, although down from 6.5 percent in Q2, 2013 but higher than the 4.9 percent growth in Q3 of 2012



Al-Husaini's remarks came ahead of the construction and build exhibition (BuildEx 2014) scheduled to kick off on Feb. 16-20, in Dammam



He said more than 120 local and global exhibitors will join the five-day event and showcase their expertise in this area. A number of countries will be represented in the event, notably Germany, Italy, China, India, Turkey, Greece, the UAE, Bahrain, and Qatar, he said



The event will also reflect the real development experienced by the construction and build sector in the Kingdom in addition to exchange of expertise with other countries in this regard, he said
Saudi- Construction market likely to hit SR1.12 trillion in 2016