Over 1,600 foreign firms join Saudi market
The article focuses on the growth and development of the contracting sector in Saudi Arabia. The number of registered foreign contracting companies has reached 1,648, while the total number of local and foreign contracting entities amounts to 140,000. The sector contributes 8% to the national gross domestic product (GDP), with projections indicating that the value of its projects will exceed 3 trillion riyals over the next three years. Activity is expected to continue, strengthening the participation of foreign companies and fostering cooperation between local and international contracting firms. Additionally, the role of standardized contracts is expanding to regulate contractual relationships and reduce disputes. Major projects are being led in the water, energy, and infrastructure sectors, with Saudi Arabia relying on modern technologies to expedite project implementation by up to 50%. The sector is expected to continue growing throughout the next decade, aligning with the goals of Vision 2030 and major projects such as Expo 2030 and the World Cup.
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