Saudi Arabia attracts £200bn in construction projects

Country:  Saudi Arabia

19 August 2008

Total property investments in Saudi Arabia, which represents the largest construction market in the Middle East, are estimated at around £140bn. Furthermore, the total value of new projects is likely to reach over £200bn this year, according to a report issued by Business Monitor.

A number of ambitious infrastructure projects are scheduled to be built in the country, thanks to the partly to the extra liquidity generated from high oil revenues and regional governments.

Saudi Arabia is currently try to attract more foreign direct investment and have now permitted foreign companies to own 100 percent of property and projects and to bid for government contracts. Furthermore, since 2005, corporate taxes have decreased from 45% to 25%.

To further attract investors, local authorities have partnered with Naseba, an international business information company, in hosting the Real Estate Investment World Summit in Riyadh on October 19-20.