RIYADH: The number of foreign contracting companies that have entered the Saudi market has reached 1,648 since the establishment of the Saudi Contractors Authority, while the total number of local and foreign contracting companies registered with the authority has reached 140,000 entities, according to information provided by the authority to Al-Eqtisadiah.
Saudi Arabia’s contracting sector contributes about 8 percent of gross domestic product, making it one of the country’s largest economic sectors. The value of its projects is expected to exceed SR3 trillion ($800 billion) over the next three years, Saudi Contractors Authority Chairman Mohammed Al-Ajlan told Al-Eqtisadiah.
He said Saudi Arabia has become a destination for contractors and projects due to its growing international presence and the broad participation of foreign companies, highlighting the strength of the Saudi economy.
He explained that mergers between contracting companies represent an important opportunity to increase efficiency and exchange expertise, particularly given the presence of major projects requiring cooperation between local and international expertise.
Standard contracts
