Saudi construction sector revitalized by Vision 2030 — Report

The eighth edition of The Big 5 Saudi will run from March 5-8 at the Jeddah Center. for Forums & Events.
Updated 21 November 2017
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Saudi construction sector revitalized by Vision 2030 — Report

Nineteen months after its announcement, Saudi Vision 2030 is proving effective, with the Kingdom’s construction sector showing increased growth potential.
Thanks to recent reforms and renewed spending, construction activities are picking up after the slowdown that affected the industry over the past two years. This was revealed recently by a report titled “Saudi Arabia’s Construction Market Overview 2018 and Beyond.”
Prepared by BNC Network for The Big 5 Saudi, the region’s premier construction event, the report indicates that the Saudi construction market has tremendous growth potential in the near future. Currently, there are $284.3 billion worth of projects in the early stages of development in the Kingdom, with over 700 projects scheduled to begin work in the next few months and due by or before 2022.
“Saudi Arabia has more than 4,700 construction projects that are active today, with a combined estimated value of $852.3 billion; around 170 of these projects are worth $1 billion or more,” said Nathan Waugh, portfolio event director of The Big 5 Saudi.
According to the report, the ambitious Saudi Vision 2030 plan to move the economy away from oil profits is driving construction activities in both residential and non-residential segments. Reforms aimed at increasing the private sector’s contribution in growth industries such as mining, manufacturing, and health care, are offering new investment opportunities in the form of joint ventures or public-sector partnerships.
Moreover, the rapid growth of the Saudi population and strong urbanization trends are fueling the urban construction sector.
“Today, there are over 3,300 projects in the urban construction sector, which represent approximately 70 percent of all construction activities in Saudi Arabia,” said Waugh. “Housing is indeed the most significant area of expenditure under the Saudi plan, aiming to grow the real estate sector contribution to GDP from 5 percent to 10 percent by 2030.”
Saudi Vision 2030 is driving demand for construction products in the country. “We see a rejuvenated interest in the Saudi construction market by international players this year,” said Waugh ahead of the eighth edition of The Big 5 Saudi. Running from March 5-8 at the Jeddah Center for Forums & Events, the exhibition will bring under one roof over 500 manufacturers of construction products from around the world.
The three-day event is expected to attract 15,000 visitors.


Ascott launches Festive50 offer in Jeddah, Turkey

Updated 21 October 2018
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Ascott launches Festive50 offer in Jeddah, Turkey

The Ascott Limited (Ascott) has announced a special offer across selected properties, in celebration of the festive season.

The Festive50 offer is available across Ascott’s Jeddah properties — including Ascott Sari Jeddah, Ascott Tahlia Jeddah, Citadines Al-Salamah Jeddah and Spectrums Residence Jeddah — as well as Somerset Maslak Istanbul in Turkey. Guests can enjoy 50 percent off their stay until the end of 2018. 

Properties are located close to various restaurants and attractions for travelers to enjoy. The serviced residences also provide guests with a range of facilities and amenities to further aid in their convenience, including fully equipped gymnasiums, swimming pools, lounges, restaurants, parking and meeting facilities.

Ascott Sari Jeddah is located among prominent shopping malls and the Jeddah corniche, a key attraction for visitors to the city. Various entertainment and lifestyle offerings are available in the vicinity, including the tallest fountain in the world, King Fahd’s Fountain.

Ascott Tahlia Jeddah is situated in the heart of the city, providing guests with easy access to many multinational companies, fashion boutiques, restaurants and cafés. 

Citadines Al-Salamah Jeddah, in the north of the city, is surrounded by a variety of culinary hotspots. Given the city’s close proximity to the Red Sea, guests are often spoilt for choice due to the number of top seafood restaurants in the area.

Spectrums Residence Jeddah, on Prince Sultan Road in the Al-Salamah district, is in the vicinity of shopping malls, international schools and hospitals. Its prime location allows travelers to enjoy balanced living in the bustling city. 

Those looking to venture out of the Middle East for a quick escape, can head to Turkey to avail the Festive50 offer at Somerset Maslak Istanbul. The property lies within Europe’s largest lifestyle development, the new Maslak 1453. Providing an oasis of calm in the bustling city, the property is the perfect balance between work and play.

The Ascott Limited is an international serviced residence owner-operator. The Singapore company has more than 55,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 39,000 units which are under development, making a total of more than 94,000 units in over 630 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection and lyf. Its portfolio spans more than 160 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust.