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00:00 The construction and construction sector in Saudi Arabia is very interested in it and has many opportunities and welcomes from investors.
00:09 We see that this sector, which is growing and participating in the overall local product, is increasing every year to reach 5.2% in the overall local product contribution to the Kingdom of Saudi Arabia
00:29 and 5% as a seasonal adjustment to grow from 4.6% and this is a significant increase in the next phase.
00:39 I would like to mention that Saudi Arabia, in terms of construction and construction sector, has offered many incentives to foreign and local investors,
00:59 but on the other hand, the new permits and installments that Saudi Arabia has allowed in the coming period, all of which aim to increase the construction and construction sector,
01:11 in addition to its desire to increase the number of attendees and visitors annually. All these things support the construction and construction sector.
01:21 Because the expected spending on the sector in 2024 will reach 222 billion Riyals and will grow to 231 billion Riyals according to KPMG in its latest studies.
01:37 The amount of trust that was offered in 2023 to the real estate sector or real estate developers reached 121 billion Riyals,
01:48 more than 10.5% annually according to the Ministry of Economy and Planning.
01:56 Also, because this sector has many opportunities, the Saudi General Commission for Investors will launch the Future Projects forum,
02:07 which provides 3,000 projects, which will be launched by the Commission. Also, the value of these projects exceeds one trillion Riyals,
02:16 and this forum will be held in May. We also look at the number of foreign licenses in the construction sector, according to the data of the Ministry of Economy and Planning.
02:25 The number of licenses that we see and were granted in 2023 grew significantly, by about 67%, to record 742 licenses for foreigners in 2023 in the construction sector.
02:41 As for the level of vision and estimates for this sector, the Saudi News Agency says that the size of the sector at the moment is expected to be about 69.5 billion dollars,
02:54 in 2024, and that 8% of the annual growth will reach 102 billion dollars in 2029,
03:04 indicating that this sector has many opportunities for local investors and foreigners.
03:13 The construction and construction sector in general in Saudi Arabia is very much interested in 2024 and in the coming years.