Saudi Arabia’s Housing Ministry’s Building Technology Stimulus Initiative (BTSI) is expected to dominate about 50% of the country’s construction sector within the next five years, Muhab Benten, director general of the BTSI, said.
Benten expects a 20% decline in building costs which are supported by $3.4bn subsidies provided by the government to support the private sector.
“Such a flourish potential encourages foreign investors to work in the Saudi construction market which is rich in opportunities,” Benten added.
Foreign investment in the construction sector provides the national industry with thousands of job opportunities and increases its ability to absorb the large number of labourers entering the work force annually, he noted.
Additionally, he elaborated that it also provides the Saudi market with its experiences and localises the highly advanced technologies that will reinforce national productions to become a stronger competitor in the market and also boost the quality of final products.
In order to bring about such a market transformation, the BTSI is placing a lot of resources in spreading awareness of building technology and its benefits.
Accordingly, the BTSI aims to localise the national content in industry, increase the construction sector’s participation in GDP, improve the quality of residential units and raise satisfaction levels with building technology’s products, he highlighted.