ISLAMABAD: On Thursday, Saudi Arabia’s Investment Minister Khalid Al-Falih declared that the Kingdom intends to provide Pakistan a sizeable share of its $200 billion yearly contracts for building and material procurement.
Speaking at a joint business event in Islamabad, Al-Falih said he was hopeful that during his three-day tour, at least $2 billion in commercial proposals will be finalised.
The Kingdom is making significant investments to diversify its economy as it gets ready to become the largest building market in the world. By the end of 2028, the overall building production is expected to reach $181.5 billion, a roughly 30% rise from 2023, according to a 2024 report by global property consultancy Knight Frank.
Al-Falih stated at the 2024 Pak-Saudi Business Forum that we will be awarding construction and material procurement contracts totalling approximately $1.8 trillion in the next years, and Saudi Arabia is the world’s largest construction site.
According to the minister, “The construction and EPC procurement value was $150 billion last year;” this year, it is forecast to be $180 billion, and it is anticipated to increase to “approximately $200 billion annually moving forward. Al-Falih underlined that a significant amount of the components for these contracts would be imported, with a strong preference for sourcing from Pakistan.
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