The industrialisation of Saudi Arabia has created huge opportunities for overseas companies to supply goods and services to the kingdom. In addition to rising demand across the board, the country’s buoyant economy and pro-business environment have attracted investment and stimulated rapid growth in various sectors, spurring a trade and industry upsurge.
Government reforms and initiatives have encouraged greater involvement by the private sector, enabling the nation’s manufacturing base to expand and an entrepreneurial business culture to thrive.
Widely regarded as the kingdom’s commercial capital, Jeddah is also flourishing. Jeddah Islamic Port is the oldest and busiest in the country, handling around 59 per cent of the country’s imports, and has benefitted from recent upgrades and expansion projects. Not only is it Saudi Arabia’s principal commercial port, but it is also the main maritime point of entry for pilgrims heading to the holy cities of Makkah and Medinah.
Jeddah is investing heavily to improve its infrastructure. Water, drainage and major transportation projects form the core of the urban renewal initiatives now under way.
A report by Jones Lang LaSalle, Jeddah: Planning for Growth, indicates that Jeddah will reap the benefits of new public and private investment in the real estate market in particular. Construction activity is booming as the industry strives to meet growing demand for new spaces. Nationwide, according to Proleads Research, over 720 construction projects are currently in the pipeline, with a total budget of more than £270 billion spanning commercial, retail, education, healthcare, leisure and residential sectors.
Organisers of the region’s most commercially successful trade fair, The Big 5, have chosen to host The Big 5 Kingdom of Saudi Arabia in Jeddah from February 27 to March 2. Connecting construction buyers and sellers from around the world, the four-day event will showcase all aspects of the nation’s construction industry.