On October 10, 2024, the U.S.-Saudi Business Council (USSBC) hosted a webinar exploring the latest trends, opportunities, and insights from the USSBC’s latest quarterly report on construction contract awards in Saudi Arabia. Albara’a Alwazir, USSBC Director of Economic Research, was the webinar’s main speaker and author of the featured report. Mr. Alwazir was joined by guest speaker Elias Abou Samra, CEO of RAFAL Real Estate Development Co., an experienced executive in the Saudi real estate sector who gave valuable insights on construction, housing, megaprojects, and other real estate developments in Saudi Arabia and the role that RAFAL plays in the construction boom across different real estate classes.
Moderated by USSBC CEO Charles Hallab, the webinar offered a dynamic question-and-answer session, where attendees received candid and expert responses from Mr. Alwazir and Mr. Abou Samra on critical topics impacting their business goals and development interests in both the U.S. and Saudi markets.
Highlights from the webinar’s featured report, “USSBC Contracts Awards Index Report – Q2 2024,” include:
- Key drivers behind the construction sector’s growth, including Vision 2030 giga-projects
- Sectoral and regional breakdowns for strategic market entry or expansion
- Expert insights on the future of Saudi Arabia’s construction industry
The report summarizes recent developments in the Saudi construction sector by noting that awarded contracts were valued at $17.6 billion (SR66 billion) in Q2 of 2024 alone, an 11 percent increase YoY, with key sectors like oil and gas, real estate, water, transportation, power, and industrial each becoming focal points of investment that contribute to the Kingdom’s long-term economic stability and resilience.
Please see below for a recording of the webinar. To view all of the USSBC’s reports, click here.
