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Saudi construction market seen to reach $300bn by 2015

The Council of Saudi Chambers has said the volume of the kingdom’s booming construction and contracting market is expected to hit $300bn (SR1.12trn) by 2015, Arab News has reported. “Construction is the kingdom’s second largest economic sector after oil,” said chairman of the National Contractors Committee at the council, Fahd bin Mohammed Al-Hammadi. In 2012, the sector contributed 16.5% of the gross domestic product compared to the private sector growth of 11.5% and GDP growth of 8.6% in current prices, he said. The construction sector’s total assets are valued at SR200bn, while the value of government contracts awarded in 2013 amounted to nearly SR157bn.