The Saudi Vision 2030 strategic framework set in motion a bold and ambitious plan to transform the Kingdom’s economy and several of its sectors including education, health, infrastructure, recreation and tourism. The ongoing delivery of this vision has seen the development of several giga-projects that defy belief. In Q4 2022, industry analysts said that the total value of contracts awarded in the quarter alone amounted to US $51.3 billion, a significant 35% surge year-on-year. Prior to this, it was estimated that the Kingdom’s project pipeline had already crossed $1.1 trillion, securing the country’s construction sector as the Middle East’s most vibrant opportunity for local and international companies.
While construction – which includes the conceptualisation, design, engineering, delivery and operation of multiple projects across the country – is a key part of the Kingdom’s ambition for the future, Vision 2030 also outlines the development of human capital, working in-conjunction with the Kingdom’s various Saudisation programmes. The identification and development of local talent is crucial to the Kingdom’s future and brings with it several opportunities and challenges for international firms operating in the country.