According to Al Riyadh newspaper, The Kingdom of Saudi Arabia has got future projects under development, with main contracts not issued as of yet, of total values exceeding 250 Billion U.S Dollars, citing a report by “MEED” magazine, specialized in business news, titled as “The Kingdom 2017; implementing Vision 2030.”
According to the report, the projects not yet issued represent approximately 39% of the entire amount of projects of The Cooperation Council for the Arab States of the Gulf, emphasizing the kingdom’s position as the biggest market for projects in the region.
Based on data obtained from Meed’s database, the report reveals that at approximately 82 Billion U.S Dollars, the energy sector in the kingdom has got the highest number of project contracts unissued, which represents 33% of the local total. Constructions’ sector comes second (29%), followed by transportation sector (27%).
The sectors of energy, construction, and transport together include unissued contracts of value exceeding 225 Billion U.S Dollars, which is approximately 89% of the total value of contracts issued in the kingdom during the pre-execution phase.
After a year of mystery and suspicion in 2016, the report refers that the kingdom is starting to fulfill its pledges. After the kingdom has set a plan for an economic transition in the document named “Vision 2030”, it is now to implement those repairs, in order to recover the economic position in the age of oil’s price decrease.