Businessmen explore KSA opportunities

An initiative aiming to develop in the Kingdom projects worth over $1 trillion was launched here at the second conference of Saudi Mega Infrastructure Projects (MIP 2013).
A large number of government officials and businessmen were among those present at the event organized by MEED GC Company Ltd.
Addressing the conference, Minister of Economy and Planning Muhammad Al-Jasser underlined the importance of the event in the context of the construction boom in the Kingdom and its multiplier effect on the economy in terms of creating employment and business opportunities for the citizens in a sustainable manner.
“It is the right time for holding such an event,” he said.
The initiative is intended to mobilize stakeholders in government, business and the community behind the vision of these mega projects and help ensure their effective implementation on the ground, according to the Chairman of the Organizing Committee Faisal Alfadl. He stated that it will benefit the coming generations as part of a private sector initiative under the auspices of the Minister of Economy and Planning.
Alfadl said the conference addressed six key topics. They included quantifying the scale of the Saudi Arabian mega projects market to 2030; investigating the most effective major project procurement models and most successful; improving the project supply chain; green building and sustainability, including operations, maintenance and demolishing; promoting successful partners from government, business and the community; and economic policy and guiding systems priorities under the five-year plans.
He added that the initiative has been endorsed by delegates in their concluding comments on Saudi MIP 2013.” Alfadl added: “I look forward to working with MEED and all those with a strong interest in the exciting opportunities and challenges associated with the Kingdom’s mega projects market.”
He pointed out that these were transformational projects. They include Riyadh’s amazing metro program and similar projects in Makkah and Jeddah; Saudi Aramco’s downstream petrochemical projects; the National Water Company’s investments in water reserved and water treatment in the kingdom’s cities and many other vital infrastructure schemes, a vision foreseen by Custodian of Two Holy Mosques King Abdullah.
According to MEED estimates, available information indicates that approximately SR4 trillion worth of major projects are either under way or planned in the Kingdom. The value of new contracts awarded in the construction sector is expected to reach a record level of about SR274 billion by the end of 2013 in the building sector and industries associated with it. It will account for 25 percent of all jobs created in the Kingdom.
“Our aim is to engage a community of people and organizations across Saudi economic society through a variety of initiatives, including information sharing and capturing intellectual capital about delivering mega projects,” Alfadl added.