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EXPANSION AND REDEVELOPMENT DRIVING SAUDI CONSTRUCTION INDUSTRY

According to the latest “Top Projects in Saudi Arabia” report by the BNC Network released ahead of the Big 5 Saudi expo being held in Jeddah in the first week of March, ten of the highest value construction projects in Saudi Arabia involve the expansion and redevelopment of existing structures and areas. The $25 billion Al-Faisaliya city near Mecca stands at the top of the BNC list in value. The development will spread across an area of 2,450 square kilometers and will provide 995,000 housing units to accommodate 6.5 million people. This is followed by the $21.3 billion expansion of the grand mosque at Mecca due to be completed mid-2018. The expansion will include the addition of a new seven-story building with 74 prayer halls, an ornate prayer hall spread over 250,000 square meters and a 5,000-square-meter central ceremonial area. A project in Jeddah, Dahiyat Al-Fursan, valued at $20 billion and due for completion by 2020, is a residential project involving the construction of 100,000 houses and infrastructure works. Another Jeddah based project, due for completion by 2030, involves the redevelopment of Al-Ruwais district. King Abdullah Security Compounds Phase 5 under development by the Ministry of Interior is valued at $8 billion and is expected to be completed this year. The project will involve the construction of 369 security compounds. The other projects in the BNC list include Al-Shamiya and Mataf expansion, Mall of Saudi, New Jeddah Downtown Phase 1, The Avenues  Al-Malqa, and Riyadh Medical Village.