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Saudi Arabia construction spend to reach US$420 billion over next three years
The construction industry in Saudi Arabia is expected to spend up to US$420 billion over the next three years. The research conducted by Ventures Middle East for The Big 5 2011, has shown that the country's projected spend will mostly lie in buildings and oil and gas developments.
Andy White, exhibition director of The Big 5 2011, said: "It is no industry secret that Saudi Arabia presents significant opportunities for the construction sector, however, this research highlights the extent of projected spend over the upcoming years as well as the specific areas that these opportunities are most abundant.
"Saudi visitor participation has consistently increased at The Big 5 and the event's position within the market has continued to strengthen. The event's reputation as a platform to source the right products and solutions means that its importance in the current market place has grown."
Within the buildings sector, mixed use and residential developments are consistently at the top of the spending list, accounting for almost US$70 billion and US$50 billion respectively. Petrochemicals and refineries account for the majority of oil and gas budgets, representing over 90 per cent of the spend.
The Big 5 2011 will see Saudi exhibitors, including Saudi Sabic Corporation, TSSC, Emirates Steel, Raihi Steel and Al Jawda Ceramic attend the event in November. With more 2,500 exhibitors spanning 75 countries, and the very latest technologies and innovations from the building and construction sector, there will be unrivalled opportunities to source products and services and network with leading industry experts.
Faisal BinEdan, director of marketing for Rajhi Steel Industries said: "The construction in KSA has expanded rapidly in the last five years with several mega projects, both industrial, economical or even housing. It is also expected that this expansion with continue for the next five years on the existing projects announcements alone.
"The Big 5 is one of the largest exhibitions in the Middle East, where visitors and companies come from all over the world to hunt business opportunities in and outside of the region. We are looking forward to showcasing our brand not only in the Kingdom but also in the region, to increase the marketing of our new expansions for 2012."
White concluded: "It is fantastic to see such figures being projected for the industry in the region and we are anticipating a lot of discussion and debate on the Saudi market during The Big 5 this year. This year's event will see more than 30,000 products on display with access to expertise from 75 countries ranging from heavy construction, concrete, fit-out as well a burgeoning facilities management industry. Many of these products will be showcased individually at the event's brand new product seminars, providing a dedicated area to innovation and forward thinking within the industry."
Middle East Concrete, PMV Live and FM Expo are now operating under The Big 5 portfolio of events and will run alongside The Big 5 in 2011 and beyond. Developed to cater to industry demand they will provide dedicated zones for buyers, which will focus on those products and services most relevant to each industry.