ksa buildings interiors sept 2013

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Building Construction and Interiors Market September 2013

Building Construction and Interiors Market - Saudi ArabiaBuilding Construction and

Saudi Arabia

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Building CONSTRUCTION and Interiors MarketSeptember 2013

Table of Contents Building Construction and Interiors Market Saudi Arabia

Building Construction Sector in the Kingdom of Saudi Arabia (K

The KSA Economy and the Government Budget Spend

KSA Building Construction and Real Estate Overview

KSA Buildings Segment Overview ................................

KSA Interiors and Fit-outs Market ................................

Future Outlook for the KSA Interiors and Fit

Recent News Updates from the Saudi Building Construction Industry

List of Figures Figure 1: KSA Buildings-Main Contractor Awards (US$ Million), 2011

Figure 2: KSA Building Projects Split by Stage of Construction, September 2013

Figure 3: KSA Building Contractor Awards across Key Segments (US$ Million), 2013

Figure 4: KSA Interiors and Fit-outs Spend (US$ Million), 2013

List of Tables Table 1: KSA Main Macroeconomic Indicators, 2013

Table 2: Top KSA Building Projects Awarded to Contractors in 2013 (US$ Million)

Table 3: Top Building projects Completed in 2013 by

Table 4: Top Building projects Due for Completion in 2014 by Value (US$ Million)

Building CONSTRUCTION and Interiors Market-Saudi Arabia

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ng Construction and Interiors Market Saudi Arabia September 2013 ................................

Building Construction Sector in the Kingdom of Saudi Arabia (KSA) ................................

The KSA Economy and the Government Budget Spend ................................................................

KSA Building Construction and Real Estate Overview ................................................................

................................................................................................

................................................................................................

Future Outlook for the KSA Interiors and Fit-outs Market ................................................................

Recent News Updates from the Saudi Building Construction Industry ................................

Main Contractor Awards (US$ Million), 2011-2014 ................................

Figure 2: KSA Building Projects Split by Stage of Construction, September 2013 ................................


outs Spend (US$ Million), 2013-2014 ................................

Table 1: KSA Main Macroeconomic Indicators, 2013 ................................................................

e 2: Top KSA Building Projects Awarded to Contractors in 2013 (US$ Million) .............................

Table 3: Top Building projects Completed in 2013 by Value (US$ Million) ................................

Table 4: Top Building projects Due for Completion in 2014 by Value (US$ Million) ............................

Saudi Arabia

P a g e : 2

........................................ 1

...................................................... 3

......................................... 3

............................................ 6

........................................... 8

......................................... 14

................................... 24

................................................ 25

......................................... 7

.................................. 8

Figure 3: KSA Building Contractor Awards across Key Segments (US$ Million), 2013-2014 .................. 9

.................................................. 15

............................................. 4

............................. 11

.......................................... 16

............................ 20




Building Construction Sector in the Kingdom of Saudi Arabia(KSA)

The KSA Economy and

The Kingdom of Saudi Arabia (KSA) is one of the largest in the Gulf

area and size, one of the largest suppliers of hydrocarbons in the world

the fastest growing construction markets in the

had embarked on an ambitious expansion and diversification programme since 2009 to invest its oil

surpluses back into the economic growth and diversification of the Kingdom in order to reduce its

reliance on its fast depleting non-

economy from the worst of the global economic slowdown.

run expansionary budgets since 2011 with massive investments across sectors

infrastructure such as, airports, roads and a rail network alongside

education, healthcare and affordable housing. The rich hydrocarbon revenues and strong oil prices

have till date ensured that the economy continues to enjoy a vast surplus in spite of its expansionary

budgets though recently the surplus has been

government owned, non-oil and construction sectors that ha

respectively, in 2012.

However, with the fall in output in 2013, growth in Saudi

sector growth, fell sharply in the second quarter of 2013 by 1.1 percent on a quarter to quarter

comparison in April to June as against a 2.1 percent growth in January to March 2013.

construction have also begun to climb gradually

2012 with iron, one of the main construction materials

allowed to pass through Syria and thereby



Building Construction Sector in the Kingdom of Saudi Arabia

Economy and the Government Budget Spend

The Kingdom of Saudi Arabia (KSA) is one of the largest in the Gulf Cooperation Council (GCC) by

one of the largest suppliers of hydrocarbons in the world, and currently

the fastest growing construction markets in the region. Backed by vast oil surpluses, the Kingdom

expansion and diversification programme since 2009 to invest its oil


-renewable hydrocarbon resources, while also shielding

economy from the worst of the global economic slowdown. The Saudi government has continued to

run expansionary budgets since 2011 with massive investments across sectors

infrastructure such as, airports, roads and a rail network alongside social infrastructure such as



he surplus has been contributed not only by its oil sector

oil and construction sectors that had grown at 7.5 percent

However, with the fall in output in 2013, growth in Saudi Arabia which is closely linked to energy

fell sharply in the second quarter of 2013 by 1.1 percent on a quarter to quarter

comparison in April to June as against a 2.1 percent growth in January to March 2013.

begun to climb gradually increasing by as much as 20 percent compared to

one of the main construction materials and usually imported from Turkey

allowed to pass through Syria and thereby hampering plans such as affordable housing

Saudi Arabia

P a g e : 3

Building Construction Sector in the Kingdom of Saudi Arabia

Spend

ration Council (GCC) by

and currently also one of

Backed by vast oil surpluses, the Kingdom

expansion and diversification programme since 2009 to invest its oil


renewable hydrocarbon resources, while also shielding the

The Saudi government has continued to

run expansionary budgets since 2011 with massive investments across sectors, including

social infrastructure such as



its oil sector, but also its non-

grown at 7.5 percent and 10 percent,

Arabia which is closely linked to energy

fell sharply in the second quarter of 2013 by 1.1 percent on a quarter to quarter

comparison in April to June as against a 2.1 percent growth in January to March 2013. Costs of

increasing by as much as 20 percent compared to

usually imported from Turkey, not being

hampering plans such as affordable housing and private




sector construction. However, building construction continues to grow unabated

obstacles, in one of the strongest markets in the region

investment.

The following table lists the main macroeconomic

Table 1: KSA Main Macroeconomic Indicators, 201

Macroeconomic Indicators

Surface Area (Square Kilometres)

GDP (US$ Billion)

GDP Growth (%)

Population (as of July 2013)

GDP per capita (US$)

Inflation (%)

Exchange Rate (per US$)

Labour Force (Million)

Budget Surplus/Deficit (% of GDP)

GDP Shares By Sector

Construction GDP (% to total) *

Source: CIA- The World Fact Book https://www.cia.gov/

Though oil production is lower than earlier years, Saudi Arabia continues to register a large surplus

in 2013 and continued its earlier trend of ploughing the surplus back into its large developmental

spending programme in its 2013 budget, much larger than

focus of government spending remains on

such as affordable housing, healthcare and sanitation services and education

the Saudi spending program consistent with its Ninth five year plan

domestic Saudi population and creating more jobs for the Saudis, with the dual benefit of shielding

the economy from the global economic



, building construction continues to grow unabated

in one of the strongest markets in the region fuelled by sustained demand and

croeconomic indicators for Saudi Arabia for 201

: KSA Main Macroeconomic Indicators, 2013

Macroeconomic Indicators

https://www.cia.gov/ (Figures as on July 2013)



spending programme in its 2013 budget, much larger than the 2011 and 2012 budgets

remains on allocations for the development of social infrastructure

such as affordable housing, healthcare and sanitation services and education. The primary aim of

gram consistent with its Ninth five year plan is that of


the economy from the global economic uncertainties and preventing a spread of socio

Saudi Arabia

P a g e : 4

, building construction continues to grow unabated despite these

fuelled by sustained demand and

r Saudi Arabia for 2013.

2013

21,49,690

727.3

6.8

2,69,39,583

31,800

4

3.75 Saudi Riyals

8.012

12.6%

Agriculture: 1%

Industry: 66%

Services: 33%

4.5%



2011 and 2012 budgets. The primary

allocations for the development of social infrastructure

. The primary aim of

is that of empowering the


and preventing a spread of socio-political

https://www.cia.gov/



https://www.cia.gov/


unrest such as the Arab Spring while diversifying its economy and reducing dependence on

hydrocarbons in the long run.

The earlier budgets had allocated SAR 350 billion toward the construction and funding of affordable

housing schemes across the Kingdom with the aim of providing at least 5.5 million homes to resolve

the problem of acute shortage of affordable housing in the Kingdom by 2014

spending was placed at SAR 400 billion

healthcare have been received increasing attention in successive budgets

declared the largest educational investor in the region in recent studies.

The 2013 budget, the largest in the history of Saudi Arabia

820 billion), allocation of SAR 40 billion

transportation and other infrastructure projects.

infrastructure and services was also

percent and 12.2 percent shares in the budget, at SAR 20

(US$ 27 billion), respectively.

The building construction market is benefitting immensely from the developments in the budget

though supply changes continue to be slightly sluggish amid rising development costs

an increase in construction material costs that could hamper t

However, the budget has done its part of offering concessions to the housing segment such as loans

to locals to address shortages in this segment, with the exception of the mortgage law which

once it becomes fully functional, could relieve the pressure in the mid to low income segments.

New projects in 2013 from the government budget

apart from the 1200 already under construction and renovation of another 2000 s

technical colleges and institutions are also planned to be constructed, with the Princess Noor

University with a designed capacity for 26000 students

faculties, a 700-bed student hospital, laboratori

accommodation, already planned for construction this year. In the healthcare space, construction of



while diversifying its economy and reducing dependence on

SAR 350 billion toward the construction and funding of affordable

Kingdom with the aim of providing at least 5.5 million homes to resolve

the problem of acute shortage of affordable housing in the Kingdom by 2014

SAR 400 billion to be spread over the next few years, while education

increasing attention in successive budgets with Saudi Arabia being

declared the largest educational investor in the region in recent studies.

budget, the largest in the history of Saudi Arabia with a spending of US$ 218 billion

allocation of SAR 40 billion (US$ 10 billion) has been further

transportation and other infrastructure projects. Allocation for education and healthcare

also hiked by nearly 21 percent and 16 percent, with nearly 25

percent and 12.2 percent shares in the budget, at SAR 204 billion (US$ 55 billion)


though supply changes continue to be slightly sluggish amid rising development costs

increase in construction material costs that could hamper the strong upward trend if it continues.


to locals to address shortages in this segment, with the exception of the mortgage law which

could relieve the pressure in the mid to low income segments.

from the government budget include plans for the construction of

apart from the 1200 already under construction and renovation of another 2000 s

technical colleges and institutions are also planned to be constructed, with the Princess Noor

with a designed capacity for 26000 students, including administration buildings, 13

bed student hospital, laboratories, research centres and staff and student

already planned for construction this year. In the healthcare space, construction of

Saudi Arabia

P a g e : 5

while diversifying its economy and reducing dependence on

SAR 350 billion toward the construction and funding of affordable

Kingdom with the aim of providing at least 5.5 million homes to resolve

the problem of acute shortage of affordable housing in the Kingdom by 2014. Infrastructure

, while education and

with Saudi Arabia being

US$ 218 billion (SAR

has been further enhanced toward

llocation for education and healthcare

ly 21 percent and 16 percent, with nearly 25

and SAR 100 billion


though supply changes continue to be slightly sluggish amid rising development costs resulting from

he strong upward trend if it continues.


to locals to address shortages in this segment, with the exception of the mortgage law which, only

could relieve the pressure in the mid to low income segments.

for the construction of 539 schools

apart from the 1200 already under construction and renovation of another 2000 schools. Several

technical colleges and institutions are also planned to be constructed, with the Princess Noora

administration buildings, 13

staff and student residential

already planned for construction this year. In the healthcare space, construction of




new primary health centres, construction of 19 new hospitals apart from the 102 already under

construction and a number of social and welfare centres constitute fresh projects on the pipeline.

Alongside the development of the Mecca and Medina regions and Jeddah

tourism and benefit from the Haj pilgrimage considered important to the

worldwide, including plans for a 1.6 million square meters

accommodate 200,000 pilgrims, a number of hospitality projects have also been undertaken by

global hotel brands such as Hilton and Holid

based Time Hotels Group, at various locations across the Kingdom

investments in the metro and rail network across the Kingdom, upgrades to roads and airports have

also been initiated in a big way to attract tourists and investors alike.

These developments present myriad opportunities for investors in the GCC building construction

sector and more specifically for the interiors and fit outs market for new and refurbishment projects

in 2013.

KSA Building Construction and Real Estate Overview

Though not the largest player in the GCC building construction market, KSA is one of the fastest

growing real estate markets in the region with the boost provided by the large scale government

spending on mega projects such as the six

for 4.5 million people, the spurt provided to religious tourism with the development of the Mecca,

Medina and Jeddah regions with mega hospitality projects and

that has put KSA on the global map as the largest residential sector in the region.

The Kingdom of Saudi Arabia boasts building p

stages from planning to design to construction including projects on hold.

presents the contractor awards for the Building construction sector between 2012 and 2014.




ction and a number of social and welfare centres constitute fresh projects on the pipeline.

the development of the Mecca and Medina regions and Jeddah to encoura

tourism and benefit from the Haj pilgrimage considered important to the

including plans for a 1.6 million square meters Pilgrim City at Medina with a capacity to

a number of hospitality projects have also been undertaken by

global hotel brands such as Hilton and Holiday Inn and budget regional names such as the UAE

at various locations across the Kingdom in 2013. Moreover, large


in a big way to attract tourists and investors alike.

present myriad opportunities for investors in the GCC building construction


Building Construction and Real Estate Overview



spending on mega projects such as the six new “smart” economic cities planned

, the spurt provided to religious tourism with the development of the Mecca,

Medina and Jeddah regions with mega hospitality projects and the large scale social housing scheme

he global map as the largest residential sector in the region.

The Kingdom of Saudi Arabia boasts building projects valued at nearly US$634

stages from planning to design to construction including projects on hold. The following figur


Saudi Arabia

P a g e : 6


ction and a number of social and welfare centres constitute fresh projects on the pipeline.

encourage religious

Islamic community

at Medina with a capacity to

a number of hospitality projects have also been undertaken by

and budget regional names such as the UAE

in 2013. Moreover, large


present myriad opportunities for investors in the GCC building construction


Building Construction and Real Estate Overview



to support facilities

, the spurt provided to religious tourism with the development of the Mecca,

rge scale social housing scheme

he global map as the largest residential sector in the region.

34 billion at various

The following figure





Figure 1: KSA Buildings-Main Contractor Awards (US$ Million), 201

Source: Ventures Onsite MENA Projects Database

As successive budgets make heavy allocations toward the development of social infrastructure such

as housing, healthcare facilities and housing, these are likely to prove the major drivers to the

growth of the buildings sector between 201

contracts awarded during the period in the above figure.

required fillip to the already charged construction sector after the initial boost by the hydrocarbon

backed surpluses wear out. As nearly 5

these are likely to translate into huge

end of the year or into 2014.

The following figure presents the share

status.

32,701

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2011

Cont

ract

or A

war

ds (U

S$ M

illio

n)

KSA Building Construction Contractor Awards (US$ Million), 2011



Main Contractor Awards (US$ Million), 2011-2014

Projects Database www.venturesonsite.com



the buildings sector between 2011 and 2014 as can be seen in the healthy increase in

contracts awarded during the period in the above figure. Tourism is also likely to provide the


As nearly 57 percent of the projects are at the planning or design stages,

huge opportunities for the interiors contracting and fit outs

The following figure presents the share of building projects in KSA in September 2013 by project

22,917

28,772

2012 2013

KSA Building Construction Contractor Awards (US$ Million), 2011

Saudi Arabia

P a g e : 7



and 2014 as can be seen in the healthy increase in

Tourism is also likely to provide the


percent of the projects are at the planning or design stages,

opportunities for the interiors contracting and fit outs by the

September 2013 by project

32,381

2014

KSA Building Construction Contractor Awards (US$ Million), 2011-2014



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Figure 2: KSA Building Projects Split by Stage of Construction,


Projects across the building construction sector are progressing

and Saudi Arabia has gained the distinction of having the best record for completion of projects in

the region as well, with only 15 percent of projects on hold as of

KSA Buildings Segment

The residential, educational, commercial, healthcare, hospitality and retail segments of the KSA

buildings market offer varied prospects for investors as the large scale government matched by

growing private investment have made Saudi Arabia a growing dest

investors since 2011 unaffected by the poor global economic conditions and regional turmoil.

The following figure represents the contractor awards

market in 2013 and 2014.

Tender for Construction3%

Under Construction25%

On Hold15%

KSA Buildings-Project Value by Status, as of September 2013



: KSA Building Projects Split by Stage of Construction, September 2013


Projects across the building construction sector are progressing at rates faster than the entire region


percent of projects on hold as of September 2013.

KSA Buildings Segment Overview



growing private investment have made Saudi Arabia a growing destinations for global and regional


figure represents the contractor awards across the key segments of the KSA buildings

Planned24%

Under Design33%

Project Value by Status, as of September 2013

Saudi Arabia

P a g e : 8

at rates faster than the entire region


2013.



inations for global and regional


across the key segments of the KSA buildings







Studies have shown that the Kingdom needs nearly 5.5 million homes by 2015 and the investment

being poured into the residential segment both by the government at SAR 350 billion and private

investors, is likely to feed this growing demand while posing vast opportunities.

residential projects have been announced in line with this objective such as the Jeddah

Development and Urban Regeneration Company (JDURC)

67,000 housing units within two new residential districts in Jeddah. Projects suc

Tower and Kingdom City are progressing on targeted plans while the city’s tallest residential tower

Burj Rafal is slated for completion this month of September 2013 with promises by prestigious

developers such as Cayan of Infinity Towers,

year end.

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Others Commercial Buildings

Cont

ract

or A

war

ds (U

S$ M

illio

n)

KSA Building Contractor Awards across Key Segments (US$ Million), 2013



: KSA Building Contractor Awards across Key Segments (US$ Million), 2013-2014


m needs nearly 5.5 million homes by 2015 and the investment


investors, is likely to feed this growing demand while posing vast opportunities.

esidential projects have been announced in line with this objective such as the Jeddah

Development and Urban Regeneration Company (JDURC) mega project for the construction of

67,000 housing units within two new residential districts in Jeddah. Projects suc



developers such as Cayan of Infinity Towers, Dubai fame to launch new projects in Saudi Arabia by

Hotel Residential Shopping Centre Hospitals

KSA Building Contractor Awards across Key Segments (US$ Million), 2013-2014

2013 2014

Saudi Arabia

P a g e : 9

m needs nearly 5.5 million homes by 2015 and the investment


investors, is likely to feed this growing demand while posing vast opportunities. A number of new

esidential projects have been announced in line with this objective such as the Jeddah

mega project for the construction of

67,000 housing units within two new residential districts in Jeddah. Projects such as the Kingdom



Dubai fame to launch new projects in Saudi Arabia by

Hospitals Educational Facilities

2014





Commercial and hospitality sectors have also received the indirect effects of the investment led

growth though as greater supply comes on board,

Available Room (RevPar) has steadily increased in the second quarter of 2013 over the

corresponding period of 2012. A number of hotel brands such as Starwood hotels, the Rocco Forte

hotel among others have announced plans for construction by the end of the year

areas of Jeddah, Mecca and Medina.

nearly US$ 120 billion would be spent toward the construction of new hotels. Rotana also has

similar plans in the budget segment wherein c

has announced its plans to open nearly 50 hotels in the budget segment over the next ten years. All

put together there are nearly 1200 hotel rooms awaited to come on board by 2015 of which 2700

will be in Riyadh alone.

In the commercial sector too, supply of Grade A office spaces across the key markets such as Riyadh

and Jeddah have nearly doubled in 2013

Abdullah Financial District (KAFD) including the Olaya towers or eight office buildings

into the market in this year, an additional Gross Leasable Area (GLA) of 120,000 square metres

having already entered the Riyadh market over 2012,

Riyadh at least as older and lower grade office space segments get adversely affected by the

increased supply. In the case of Jeddah, demand continues to remain strong, especially around the

Central Business District. In fact, Jeddah has an additional

in the pipeline that is likely to come online

opportunities for the interiors and fit outs sector

The retail sector that is an attractive destination to medium to high end international brands owing

to the largely affluent and urbanizing and fast growing population, has resulted in shopping malls

operating at 100 percent occupancies and Saudi Arabia ranking fourteenth amon

global retail destinations for 2012. With an additional supply of GLA of 400,000 square metres to

add to the existing supply of 1.1 million square metres by 2015, and projects in and around Riyadh

including the mixed use development

malls to be managed under the “Oasis Centre” brand by the Dubai based Landmark group and the




growth though as greater supply comes on board, though occupancies declined, Revenues per

able Room (RevPar) has steadily increased in the second quarter of 2013 over the

A number of hotel brands such as Starwood hotels, the Rocco Forte

hotel among others have announced plans for construction by the end of the year

areas of Jeddah, Mecca and Medina. It has been estimated by analysts that over the next few years


similar plans in the budget segment wherein construction is already progressing as per plan. Reizdor



supply of Grade A office spaces across the key markets such as Riyadh

d in 2013, and mega projects such as components of the King

including the Olaya towers or eight office buildings

, an additional Gross Leasable Area (GLA) of 120,000 square metres

having already entered the Riyadh market over 2012, growth is slow down to a slower pace

as older and lower grade office space segments get adversely affected by the

In the case of Jeddah, demand continues to remain strong, especially around the

In fact, Jeddah has an additional 1.7 million square metres

that is likely to come online by 2016. All these factors are likely to present

opportunities for the interiors and fit outs sector in 2013 and 2014 as well as in the long term

t is an attractive destination to medium to high end international brands owing


operating at 100 percent occupancies and Saudi Arabia ranking fourteenth amon



including the mixed use developments such as the Kingdom Centre, the neighbourhood shopping


Saudi Arabia

P a g e : 10


though occupancies declined, Revenues per

able Room (RevPar) has steadily increased in the second quarter of 2013 over the

A number of hotel brands such as Starwood hotels, the Rocco Forte

hotel among others have announced plans for construction by the end of the year, especially in the

It has been estimated by analysts that over the next few years


onstruction is already progressing as per plan. Reizdor



supply of Grade A office spaces across the key markets such as Riyadh

, and mega projects such as components of the King

including the Olaya towers or eight office buildings are brought

, an additional Gross Leasable Area (GLA) of 120,000 square metres

growth is slow down to a slower pace in

as older and lower grade office space segments get adversely affected by the

In the case of Jeddah, demand continues to remain strong, especially around the

square metres of office space

likely to present ample

in 2013 and 2014 as well as in the long term.

t is an attractive destination to medium to high end international brands owing


operating at 100 percent occupancies and Saudi Arabia ranking fourteenth among AT Kearney’s top



the neighbourhood shopping





Jabal Omar Project touted to be the Kingdom’s largest shopping mall are planned for development,

apart from the announcement in the second quarter of 2013 by the firms Faithful and Gould and

Majid Al Futtaim Properties for the construction of a new super mall in North Riyadh due for

completion by 2018 to add an additional GLA of over 150,000 square metres, to make

mall in Riyadh.

The strong demand by a string of regional and international retailers setting up shop or expanding

into Saudi Arabia is likely to continue to drive exp

construction segment as well as the interiors and fit outs market for this segment though activity is

likely to remain subdued in 2013 as projects from 2012 are still being completed.

The following is the list of top building projects across segments in KSA as of

Table 2: Top KSA Building Projects Awarded to Contractors in 201

Project Name

Client Consultant

Abraj Kudai in

Mecca

Ministry of

Finance,

Saudi Arabia

Dar Al Handasah

Consultants (Shair

and Partners)

King Abdullah

Bin Abdulaziz

Project For

Development of

Security Forces

Medical

Complexes

Ministry of

Interior,

Riyadh

Dar Al Handasah

Consultants (Shair

and Partners)

Ajyad General

Hospital

Development in

Makkah

The High

Commission

For The

Developmen

t of Makkah

ERGA Art & Design

(Primary Design) /

Dar Al Handasah

Consultants (Shair

and Partners)




announcement in the second quarter of 2013 by the firms Faithful and Gould and


completion by 2018 to add an additional GLA of over 150,000 square metres, to make

by a string of regional and international retailers setting up shop or expanding

is likely to continue to drive expansion over the next few years

as the interiors and fit outs market for this segment though activity is


The following is the list of top building projects across segments in KSA as of September

: Top KSA Building Projects Awarded to Contractors in 2013 (US$ Million)

Consultant Contractor Value (US$ Million)

Dar Al Handasah

Consultants (Shair

and Partners)

Saudi Binladin

Group

3,500

Dar Al Handasah

Consultants (Shair

and Partners)

ABV Rock Group 3,350

ERGA Art & Design

(Primary Design) /

Dar Al Handasah

Consultants (Shair

and Partners)

Saudi Binladin

Group

600

Saudi Arabia

P a g e : 11


announcement in the second quarter of 2013 by the firms Faithful and Gould and


completion by 2018 to add an additional GLA of over 150,000 square metres, to make it the largest

by a string of regional and international retailers setting up shop or expanding

ansion over the next few years in the retail

as the interiors and fit outs market for this segment though activity is


September 2013.

Value (US$

lion)

Project Type

3,500 Mixed Use

3,350 Hospital

600 Hospital




Project Name

Client Consultant

Province /

Ministry of

Finance,

Saudi Arabia

King Khalid

International

Airport

Expansion -

Terminal 5

General

Authority for

Civil Aviation

(GACA),

Saudi Arabia

-

King Abdullah

International

Gardens in

Riyadh

Riyadh

Municipality

/ King

Abdullah

International

Gardens

Buro Happold

Barton Willmore /

Eden Project /

Natural History

Museum (NHM)

Consulting, UK

Aluminum

Smelter and

Rolling Mill -

Staff

Accommodation

Saudi

Arabian

Mining

Company

(Maaden),

Eastern

Province

WorleyParsons

Arabia Ltd. Co.

Ras Al Khair

Industrial

Complex -

Residential

Village

Saudi

Arabian

Mining

Company

(Maaden),

Eastern

Province

Worley Parsons




TAV Airports,

Turkey / Al Arrab

Contracting

Company Ltd.

500

Buro Happold /

Barton Willmore /

Eden Project /

Natural History

Museum (NHM)

Consulting, UK

Jawdat Contracting

Co.

280

WorleyParsons

Arabia Ltd. Co.

Azmeel

Contracting

Establishment

277

Worley Parsons Azmeel

Contracting

Establishment

260

Saudi Arabia

P a g e : 12

Value (US$

lion)

Project Type

500 Others

280 Others

277 Residential

Buildings

260 Residential

Buildings




Project Name

Client Consultant

Bab Jeddah

(Jeddah Gate) -

Abraj Al Hilal -

Phase 2

Emaar

Middle East

Properties,

Saudi Arabia

Saudi

Consultants

Architects &

Engineer

Asas - Crystal

Tower in Jeddah

ASAS Pan

Gulf Real

Estate

Investment

Kling Consult

Zuhair Fayez

Partnership

Consultants

500- Bed

Specialized

Hospital in Hail

Ministry of

Health,

Saudi Arabia

Dar Al Majd

Consulting Engineers





Saudi Diyar

Consultants

Architects &

Engineers

Azmeel

Contracting

Establishment

250

Kling Consult /

Zuhair Fayez

Partnership

Consultants

Sameer Redwan

Construction and

Development

Company

200

Dar Al Majd

Consulting Engineers

Al Majal Al Arabi

Group

160


Saudi Arabia

P a g e : 13

Value (US$

lion)

Project Type

250 Residential

Buildings

200 Mixed Use

160 Hospital





KSA Interiors and FitMarket Touted to be one of the fastest growing construction markets in the GCC,

market in the Kingdom of Saudi Arabia (KSA)

furnishings, lightings, partitions, flooring, kitchens, bathroom fittings etc

10 to 20 percent of the average construction project value

both international and regional investors a

market. Though activity is strong in the long term however, 2013 is likely to be a subdued y

the building construction market owing to rising construction costs and projects from 2012 which

have long terms completions. Consequently, the size of the interiors and fit outs market is estimated

at US$ The size of the market stood at

US$ 3.6 billion in 2014, at 7 percent as against

the initial spurt of the investment programmes wearing off by this year and growth slowing down

but likely to pick up into a steady pace in the long run as more projects come online gradually

The thrust of the successive government budgets on social infrastructure and the special focus on

developing tourism into a revenue generating sector with hospitality

Mecca, and Medina steadily coming online in 2013

infrastructure including educational and healthcare facilities

construction industry primarily in 201

As the budget expansion continues unabated in 2013 though with a smaller surplus, successive years

of spending have also driven the non

the economic development of the Kingdom,

retail and hospitality segments as well, attracting international brands to invest in the Kingdom’s

booming construction sector.

Though the flurry of activity has generated its share of cost escalatio

that are likely to pull down growth in 2013 apart from the cut in supply in the hydrocarbons sector



KSA Interiors and Fit

Touted to be one of the fastest growing construction markets in the GCC, the Interiors and Fit outs

market in the Kingdom of Saudi Arabia (KSA) encompassing internal wood works, soft and hard

furnishings, lightings, partitions, flooring, kitchens, bathroom fittings etc constitutes approximately

onstruction project value, and has been attracting attention from

both international and regional investors apart from local firms wanting a share of the lucrative

market. Though activity is strong in the long term however, 2013 is likely to be a subdued y



the market stood at US$ 3.3 billion in 2013 and only likely to grow

7 percent as against a whopping 35 percent annual growth


ly to pick up into a steady pace in the long run as more projects come online gradually


developing tourism into a revenue generating sector with hospitality mega projects across Jeddah,

Mecca, and Medina steadily coming online in 2013 and beyond, continued

infrastructure including educational and healthcare facilities are likely to drive growth of building

in 2013 and 2014.


of spending have also driven the non-oil sector to grow faster than the oil sector also contributing to

the economic development of the Kingdom, further enhancing opportunities across the commercial,


Though the flurry of activity has generated its share of cost escalations in the construction sector


Saudi Arabia

P a g e : 14

KSA Interiors and Fit-outs

the Interiors and Fit outs

encompassing internal wood works, soft and hard

constitutes approximately

has been attracting attention from

firms wanting a share of the lucrative

market. Though activity is strong in the long term however, 2013 is likely to be a subdued year for



likely to grow marginally to

a whopping 35 percent annual growth in 2012 due to


ly to pick up into a steady pace in the long run as more projects come online gradually.


mega projects across Jeddah,

and beyond, continued investment in

drive growth of building


oil sector to grow faster than the oil sector also contributing to

further enhancing opportunities across the commercial,


ns in the construction sector





pulling down oil sector growth, Saudi Arabia continues to hold the title of the largest market

building interiors and fit outs in the region providing opportunities across its commercial,

residential, hospitality, education and healthcare sectors as well as the retail sector with fresh

projects as well as refurbishments fuelling growth over the next few years. The following f

represents the Interiors and Fit out spend across the key building segme

Figure 4: KSA Interiors and Fit-outs Spend (US$ Million), 201


The strong focus on affordable housing schemes along with the incentives such as loans and the

impending mortgage law to ease out gaps in supply and demand, is likely to be the main driver to

growth in construction over 2013 and 2014 and with private developments such as the largest

residential development Burj Rafal nearing completion, the residential segment is likely to be the

strongest growth area for the interiors and fit outs market both

-

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

Commercial Buildings

Hotel

(Inte

rior S

pend

(US$

Mill

ion)

KSA Interiors and Fit



pulling down oil sector growth, Saudi Arabia continues to hold the title of the largest market

outs in the region providing opportunities across its commercial,


fuelling growth over the next few years. The following f

represents the Interiors and Fit out spend across the key building segments in 2013 and 2014.

outs Spend (US$ Million), 2013-2014

Source: Ventures Onsite MENA Projects Database www.venturesonsite.com





strongest growth area for the interiors and fit outs market both in 2013 and 2014. Educational

Residential Shopping Centre Hospitals Educational Facilities

KSA Interiors and Fit-outs Spend (US$ Million), 2013-2014

2013 2014

Saudi Arabia

P a g e : 15

pulling down oil sector growth, Saudi Arabia continues to hold the title of the largest market for

outs in the region providing opportunities across its commercial,


fuelling growth over the next few years. The following figure

nts in 2013 and 2014.





in 2013 and 2014. Educational

Educational Facilities

Others





facilities too have been given a helping hand with massive government spending while commercial

sector strongly rebounds on the back of demand for high grade office space from Jeddah.

With the strong signals sent out by the

renewed focus on tourism, the hospitality sector is likely to be the third largest market se

interiors and fit-outs after residential and commercial sectors in 2013 and 2014.

Discussions are ongoing to bring about greater regulation to check rising rentals and prices in this

segment by cracking down on non licensed real estate offices are further enhancing demand in the

residential segment, fuelling prospects for growth in the interiors and fit ou

The following is the list of building projects due for completion in 2013 and 2014.

Table 3: Top Building projects Completed in 2013 by Value (US$ Million)

Project Name

Client Consultant

King Abdullah

Financial

District (KAFD) -

Phase 2 - 20

Buildings &

New Towers

Rayadah

Investment

Company /

Public Pension

Agency (PPA) /

World Trade

Center

-





With the strong signals sent out by the economy and its booming construction sector and its

renewed focus on tourism, the hospitality sector is likely to be the third largest market se

outs after residential and commercial sectors in 2013 and 2014.

ing to bring about greater regulation to check rising rentals and prices in this


residential segment, fuelling prospects for growth in the interiors and fit outs market in the future.


: Top Building projects Completed in 2013 by Value (US$ Million)

Consultant Contractor

Estimated Value (US$ Million)

Saudi Binladin

Group

3,700

Saudi Arabia

P a g e : 16



economy and its booming construction sector and its

renewed focus on tourism, the hospitality sector is likely to be the third largest market segment for

ing to bring about greater regulation to check rising rentals and prices in this


ts market in the future.


d US$

Project Type

Commercial

Buildings




Project Name

Client Consultant

Al Bait Towers

in Makkah

Munshaat

Real Estate

Project

Company /

International

Ejarah and

Investment Co

/ Aref

Investment

Group / The

High

Commission

For The

Development

of Makkah

Province /

King Abdulaziz

Endowment

Dar Al Handasah

Consulta

(Shair and

Partners)

Diyar Consultant

Architects &

Engineers

International

Projects

Consultancy (IPC)

King Saud

University -

Girls College

King Saud

University

(KSA)

Jurong

Internati

King Abdullah

Petroleum

Studies &

Research

Center -

Residential and

Community

Complex

Saudi Aramco -





Dar Al Handasah

Consultants

(Shair and

Partners) / Saudi

Diyar Consultants

Architects &

Engineers /

International

Projects

Consultancy (IPC)

Saudi Binladin

Group

3,180

Jurong

International

Saudi Binladin

Group

2,400

SK Engineering

& Construction

534

Saudi Arabia

P a g e : 17

d US$

Project Type

Mixed Use

Educational

Facilities

Residential

Buildings




Project Name

Client Consultant

King Abdulaziz

Center for

Knowledge and

Culture

Saudi Aramco Theatre Projects

Consultants (UK)

/ Saudi

Consultin

Services

(SaudConsult)

Lord Cultural

Resources

King Abdullah

Financial

District (KAFD) -

Six Residential

Buildings

Rayadah

Investment

Company /

Public Pension

Agency (PPA)

Gensler

Associates

Al-Tayseer

Towers

Naseel

Holding Co.

For

Commercial

Development

-

Immigrants

Housing Project

- Package 3

(Karch)

King Abdullah

Bin Abdulaziz

Foundation for

Housing

Development

Zuhair Fayez

Partnership

Consultants

Immigrants

Housing Project

- Package 2

(Rawan)

King Abdullah

Bin Abdulaziz

Foundation for

Housing

Development

Zuhair Fayez

Partnership

Consultants





Theatre Projects

Consultants (UK)

/ Saudi

Consulting

Services

(SaudConsult) /

Lord Cultural

Resources

Saudi Oger

533

Gensler

Associates

Saudi Binladin

Group

430

MOBCO Civil

Construction

400

Zuhair Fayez

Partnership

Consultants

Al Arrab

Contracting

Company

318

Zuhair Fayez

Partnership

Consultants

Al Arrab

Contracting

Company

285

Saudi Arabia

P a g e : 18

d US$

Project Type

Others

Residential

Buildings

Hotel

Mixed Use

Mixed Use




Project Name

Client Consultant

Wahat Makkah

- Phase 1

Albalad

Alameen /

Makkiyoon

Urban

Developers

Makkiyoon

Urban

Developers

30-Floor

(Granada)

Hotel in

Makkah

Tabung Haji,

Malaysia /

Abdul Lateef

Jamil Real

Estate

Dar Al Handasah

Consultants

(Shair and

Partners)

Al Majmaah

University -

Accommodatio

n

Ministry of

Higher

Education,

Saudi Arabia

Alnaim Architects

Engineers &

Planners

Jabal Al Kaba

Development -

Anjum Hotel-

Phase 1

Abdul Lateef

Jamil Real

Estate

Dar Al Handasah

Consultants

(Shair and

Partners)

The

Headquarters

Business Park

in Jeddah

Al-Dar Al-

Khasa for

Urban

Development

/ Adeem Al-

Wataniya

Company

Batley Partners /

Vanir

Construction

Management /

Jaffar Al Sabbgh

Engineering

Consultant &

Associates





Makkiyoon

Urban

Developers

Al Khayalah Al

Arabia Group

280

Dar Al Handasah

Consultants

(Shair and

Partners)

Saudi

Constructioneer

s Est.

267

Alnaim Architects

Engineers &

Planners

Al Sagheer

Trading and

Contracting

Company

250

Dar Al Handasah

Consultants

(Shair and

Partners)

Saudi

Constructioneer

s Establishment

250

Batley Partners /

Vanir

Construction

Management /

Jaffar Al Sabbgh

Engineering

Consultant &

Associates

Freyssinet Saudi

Arabia

240

Saudi Arabia

P a g e : 19

d US$

Project Type

Residential

Buildings

Hotel

Residential

Buildings

Hotel

Commercial

Buildings




Project Name

Client Consultant

King Abdullah

Specialist

Hospital for

Children

National

Guard Health

Affairs

-


Table 4: Top Building projects Due for Completion in 2014 by Value (US$ Million)

Project Name

Client Consultant

King Abdullah Financial District : 20 towers

Rayadah Investment Company

Henning Larsen Architects (HenningTegnestue)Omrania & Associates (O&A)

King Abdulaziz International Airport Expansion - Main Terminal Package - Phase 1

General Authority for Civil Aviation (GACA), Saudi Arabia

Aeroports dParis Ingenierie (ADPI) / AtkinsDar Al Handasah Consultants (Shair and Partners)

Prince Mohammad Bin Abdulaziz Airport Expansion in Madina - Phase 1

General Authority for Civil Aviation (GACA), Saudi Arabia / Tibah Airports Operation Company

Zuhair Fayez Partnership ConsultantsHalcrow Group Ltd

New Housing Project in the Eastern Province

Saudi National Guard

-





Saudi Binladin

Group

200

Source: Ventures Onsite MENA Projects Database www.venturesonsite.com/

: Top Building projects Due for Completion in 2014 by Value (US$ Million)



Henning Larsen Architects (Henning Larsen Tegnestue) / Omrania & Associates (O&A)

Saudi Binladin Group

3,700

Aeroports de Paris Ingenierie (ADPI) / Atkins / Dar Al Handasah Consultants (Shair and Partners)


3,194

Zuhair Fayez Partnership

onsultants / Halcrow Group

Saudi Oger / TAV Airports, Turkey / Al Rajhi Holding

2,406

Arabtec Saudi Arabia L.L.C

1,330

Saudi Arabia

P a g e : 20

d US$

Project Type

Hospital

Estimated US$

Project Type


Others

Others

Residential Buildings



http://www.venturesonsite.com/


Project Name

Client Consultant

Jabal Omar Development - Phase 1

Jabal Omar Development Company / Hilton International / Hyatt Regency / Marriott International; Global Sales Middle East & Africa / Mercure Hotels / Resta Hotels & Resorts / Sofitel Hotels

Consolidated Consultants, Jordan / Design & ConstructEngineering (DEC)Consolidated Engineering Company (Khatib & Alami)Socotec

King Khalid University in Abha - Medical City - Phase 2

King Khalid University

Zuhair Fayez Partnership Consultants

Hail University - Staff Accommodation

Ministry of Higher Education, Saudi Arabia

Zuhair Fayez Partnership Consultants, Makkah / Saudi Consulting Services (SaudConsult)

Lamar Towers in Jeddah

Zahran Real Estate

Saudi Diyar ConsultantArchitects & EngineersRMJM (Robert Mathew Johnson Marshall), Dubai / Saudi Diyar ConsultantArchitects & Engineers





Consolidated Consultants, Jordan / Design & Construction Engineering (DEC) / Saudi Consolidated Engineering Company (Khatib & Alami) / Saudi Socotec

Nesma & Partners Contracting Company

906


Baytur Construction & Contracting

800

Zuhair Fayez Partnership Consultants, Makkah / Saudi Consulting Services (SaudConsult)

Abdul Rahman Saad Al Rashid & Sons(Artar)

640

Saudi Diyar Consultants Architects & Engineers / RMJM (Robert Mathew Johnson Marshall), Dubai / Saudi Diyar Consultants Architects & Engineers

Drake & Scull International

553

Saudi Arabia

P a g e : 21

Estimated US$

Project Type

Mixed Use



Mixed Use




Project Name

Client Consultant

King Abdullah Petroleum Studies & Research Center (Kapsarc) - Commercial Buildings

Saudi Aramco Zaha Hadid Architects, UK / Saudi Consulting Services (SaudConsult), Riyadh / Ramboll Middle EastNatural System International (NSI)

King Abdullah Financial District (KAFD) - Vertical Medina

Rayadah Investment Company

Skidmore, Owings & Merrill (SOM)

Marriott Hotels in Jizan

Marriott International; Global Sales Middle East & Africa

-

King Khalid University at Abha - Medical City Male Campus Phase 2

Ministry of Higher Education, Saudi Arabia / King Khalid University


Imam Islamic University - Staff Housing

Imam Islamic University / Ministry of Higher Education, Saudi Arabia

Imam Islamic University / Gardiner & Theobald International (GTI)Group (Tecnica Y Proyectos)

Two Towers in King Abdullah Business Center

Al Rajhi Investment Group, Saudi Arabia

-





Zaha Hadid Architects, UK / Saudi Consulting Services (SaudConsult), Riyadh / Ramboll

dle East / Natural System International (NSI)

Drake & Scull International

533

Skidmore, Owings & Merrill (SOM)


530

Abdul Rahman Saad Al Rashid & Sons(Artar)

500


Baytur Construction & Contracting

492

Imam Islamic University / Gardiner &

obald International (GTI) / Typsa Group (Tecnica Y Proyectos)

Al Fouzan Trading & General Construction Company / Al Kifah Contracting Company

453

Al Rajhi Projects and Construction

410

Saudi Arabia

P a g e : 22

Estimated US$

Project Type


Mixed Use

Hotel







Project Name

Client Consultant

King Abdullah Financial District (KAFD) - Wyndham Hotel & Office Tower

Public Pension Agency (PPA) / Rayadah Investment Company / Wyndham Hotel Group, US

Omrania Associates (O&A)/ Lab Architecture Studio, UK / Goettsch Partners (GP) / Kling Stubbins / Henning Larsen Architects (HenningTegnestue)

Tabouk University - Phase 1

Ministry of Higher Education, Saudi Arabia / Tabuk University

-

King Abdullah Financial District (KAFD) - Samba Headquarters

Rayadah Investment Company / Public Pension Agency (PPA)

Davis LanArabian Gulf / Buro HappoldOmrania & Associates (O&A)/ Henning Larsen Architects (HenningTegnestue)Walter P Moore





Omrania & Associates (O&A) / Lab Architecture Studio, UK / Goettsch Partners (GP) / Kling Stubbins / Henning Larsen Architects (Henning Larsen Tegnestue)

Saudi Oger 380

Fayafer Trading & Contracting Co. / Hamd Al Saghir / Al Harbi Trade & Contracting Company Ltd. / Shar for Trading and Contracting Company

375

avis Langdon Arabian Gulf / Buro Happold / Omrania & Associates (O&A) / Henning Larsen Architects (Henning Larsen Tegnestue) / Walter P Moore

El Seif Engineering Contracting Company (ESEC)

373

Saudi Arabia

P a g e : 23

Estimated US$

Project Type







Project Name

Client Consultant

Al-Farida in Jeddah

Ewaan Global Residential Company

Array International Architects / ProjacsDistenguisheb Experts for AE Consultancy Khobara Al Mumayezeen Engineering Consultants (MZECH)


Future Outlook for the KSA Interiors and Fit

While growth in the interiors and fit outs market is likely to slow down to 7 percent due to subdued

construction activity in 2013 and the lower base effect of strong construc

plethora of projects being awarded under the sustained investment programme of the government

in 2011 and 2012, it continues to be the most active market in the region. The residential segment

of the interiors and fit out market is th

The hospitality segment is next, where a number of international brands have evinced interest in the

economy in recent years attracted by its affluent and growing, young population sustaining dem

and the focus on tourism with the Kingdom

development, thus setting in motion

refurbishment of existing ones. The infrastructure development

has further accentuated the demand from this segment. Though the retail and hospitals segment

might remain subdued in 2013, along with education and the residential, commercial and hospitality

segments growth in the KSA interiors and fit outs market is likely to gradually inch upward in the

next few years on the back of unflagging demand and sustained investment, hampered only

marginally by rising construction costs increasing the cost of buildings that could slash the bud





Array International

chitects / Projacs / Distenguisheb Experts for AE Consultancy - Khobara Al Mumayezeen Engineering Consultants (MZECH)

Arjab Foundation for Development. / New Job Contracting Co. / Al Ishadah Contracting & Maintenance Co. / Al-Hayakel for Construction / Ruwad Civil construction (RCC)

324

Source: Ventures Onsite MENA Projects Database www.venturesonsite.com/

Future Outlook for the KSA Interiors and Fit-outs Market


construction activity in 2013 and the lower base effect of strong construction activities and a



of the interiors and fit out market is the one to watch out for both for budget and luxury interiors

ere a number of international brands have evinced interest in the

economy in recent years attracted by its affluent and growing, young population sustaining dem

and the focus on tourism with the Kingdom’s religious hotspots Mecca and Medina being opened for

in motion an expansion of hotels in the region, and expansion and

refurbishment of existing ones. The infrastructure development also undertaken by the government



nteriors and fit outs market is likely to gradually inch upward in the


marginally by rising construction costs increasing the cost of buildings that could slash the bud

Saudi Arabia

P a g e : 24

Estimated US$

Project Type


outs Market


tion activities and a



e one to watch out for both for budget and luxury interiors.

ere a number of international brands have evinced interest in the

economy in recent years attracted by its affluent and growing, young population sustaining demand

’s religious hotspots Mecca and Medina being opened for

, and expansion and

also undertaken by the government



nteriors and fit outs market is likely to gradually inch upward in the


marginally by rising construction costs increasing the cost of buildings that could slash the budgets



http://www.venturesonsite.com/


for interiors marginally in the short run but prove a greater potential for budget and refurbishment

options in the long run.

Recent News Updates from the Saudi Building

Construction Industry

Construction and Commerce Growing Fastest in Saudi Arabia

http://www.ifpinfo.com/Kingdom%20of%20Saudi%20Arabia

UAE Hotel Group Eyes Saudi with Hotel Brand

http://www.arabianbusiness.com/uae

Sofitel hired to run new luxury Saudi hotel

http://www.arabianbusiness.com/sofitel

World’s Largest Holiday Inn

The 1,238-room Holiday Inn Makkah is slated for completion in 2016

http://gulfbusiness.com/2013/08/worlds

makkah/#.UjBHW8ZJP8Y

Capitas, IFA set up JV for Saudi hotels

http://www.arabnews.com/news/463388

TAV Construction to build $400 million terminal at Riyadh airport

http://www.worldconstructionnetwork.com/news/tav

at-riyadh-airport-160513/

Hilton to open new DoubleTree

http://www.worldconstructionnetwork.com/news/hilton

property-in-saudi-arabia-270213/





Construction Industry


http://www.ifpinfo.com/Kingdom%20of%20Saudi%20Arabia-NewsArticle-3310

UAE Hotel Group Eyes Saudi with Hotel Brand

http://www.arabianbusiness.com/uae-hotel-group-eyes-saudi-with-budget-brand

Sofitel hired to run new luxury Saudi hotel

http://www.arabianbusiness.com/sofitel-hired-run-new-luxury-saudi-hotel-517382.html

World’s Largest Holiday Inn to Open in Saudi’s Makkah

room Holiday Inn Makkah is slated for completion in 2016.

http://gulfbusiness.com/2013/08/worlds-largest-holiday-inn-to-open-in-saudis-

Capitas, IFA set up JV for Saudi hotels



http://www.worldconstructionnetwork.com/news/tav-construction-to-build-400

Hilton to open new DoubleTree-branded property in Saudi Arabia

http://www.worldconstructionnetwork.com/news/hilton-to-open-new-doubletree

Saudi Arabia

P a g e : 25




brand-517560.html

517382.html


400-million-terminal-

branded property in Saudi Arabia

doubletree-branded-

http://www.ifpinfo.com/Kingdom%20of%20Saudi%20Arabia

http://www.arabianbusiness.com/uae

http://www.arabianbusiness.com/sofitel

http://gulfbusiness.com/2013/08/worlds


http://www.worldconstructionnetwork.com/news/tav

http://www.worldconstructionnetwork.com/news/hilton



http://www.ifpinfo.com/Kingdom%20of%20Saudi%20Arabia-NewsArticle-3310

http://www.arabianbusiness.com/uae-hotel-group-eyes-saudi-with-budget-brand

http://www.arabianbusiness.com/sofitel-hired-run-new-luxury-saudi-hotel-517382.html

http://gulfbusiness.com/2013/08/worlds-largest-holiday-inn-to-open-in-saudis-


http://www.worldconstructionnetwork.com/news/tav-construction-to-build-400

http://www.worldconstructionnetwork.com/news/hilton-to-open-new-doubletree


Rising building costs for Saudi's 500,000 housing project

http://arabianindustry.com/construction/news/2013/sep/9/rising

housing-project-4438460/#.UjBOMcZJ

Saudi housing minister signs $1bn contracts to develop

accommodation for 250,000

http://arabianindustry.com/construction/news/2013/aug/18/saudi

contracts-to-develop-accommodation




http://arabianindustry.com/construction/news/2013/sep/9/rising-building-costs-

4438460/#.UjBOMcZJP8Y


accommodation for 250,000

http://arabianindustry.com/construction/news/2013/aug/18/saudi-housing-minister

accommodation-for-250000-4414969/#.UjBfysZJP8Y

Saudi Arabia

P a g e : 26


-for-saudis-500000-


minister-signs-1bn-

http://arabianindustry.com/construction/news/2013/sep/9/rising

http://arabianindustry.com/construction/news/2013/aug/18/saudi



http://arabianindustry.com/construction/news/2013/sep/9/rising-building-costs-

http://arabianindustry.com/construction/news/2013/aug/18/saudi-housing-minister

ksa buildings interiors sept 2013

Documents

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