New Saudi projects poised to hit $410bn

The total value of new projects in Saudi Arabia, the largest construction market in the Middle East, is expected to reach $410 billion this year.

Total real estate investments in Saudi Arabia are estimated at $270 billion as extra liquidity floods the market generated from high oil revenues and regional governments.

According to a report by Business Monitor, the growth of the industry has been pushed by the government’s efforts to liberalise the economy, Khaleej Times reported on Thursday.

For example, foreign companies are now allowed to own 100 per cent of property and projects and to bid for government contracts.

Since 2005, corporate taxes have decreased from 45 per cent to 25 per cent, encouraging companies to invest in the country.