26 Jul 2024
RIYADH: A database rating contractors in the Saudi construction industry is part of a new national strategy designed to help the Kingdom deliver its SR1.2 trillion ($319 billion) Vision 2030 projects.
The new initiative, launched by the Saudi Contractors Authority, seeks to provide opportunities for contractors to implement projects in their specializations to raise their quality.
This falls in line with the authority’s mission to organize the industry by setting and executing high-quality organizational standards, encouraging innovation, developing skills, improving communication in the industry and achieving economic sustainability.
During a speech at a ceremony reviewing the achievements of the SCA over the past three years, the authority’s chairman said he wanted to prepare and equip a strong contracting sector that will be an executive arm for the Kingdom’s Vision 2030 projects.
Al-Abdulqader explained that the authority raised the number of contractors during the past three years by 400 percent, bringing the registered number to more than 18,000, including 1,200 international contractors.
The SCA has also signed over 10 agreements and memorandums of understanding with major global contracting sectors, in addition to participating in more than 50 government committees.
In 2023, the National Housing Co. and SCA signed an MoU during the Future Projects Forum in Riyadh to develop a platform aimed at enhancing cooperation, ensuring the development of both entities, and improving the sector’s efficiency.
The SCA, a semi-governmental organization, addresses the challenges of the contracting sector and fosters a more attractive and efficient environment.
It also led the contracting sector in 57 countries by winning the presidency of the Islamic Contractors Union and establishing the Kingdom as its headquarters.
The Saudi contractor industry is thriving, driven by significant investments in diverse sectors and ambitious projects under the Vision 2030 initiative, creating numerous opportunities for local and international contractors.
This comes as the Kingdom’s construction market has become a leader in the Middle East and North Africa, with an estimated value of $70.33 billion in 2024, projected to reach $91.36 billion by 2029, according to the US International Trade Administration.
The sector is categorized into residential, commercial, and industrial, as well as infrastructure, transportation, and energy and utility construction, presenting a sizable market for contractors seeking opportunities.