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29 Jul 2021
The Covid-19 pandemic has put huge pressure on government finances, but Crown Prince Mohammed Bin Salman’s favoured mega-projects have continued nevertheless, underpinned by PIF funding to offset the lack of foreign investment. Research by GSN, supported by data provided by Diligencia, shows the bulk of contracts have gone to some of the kingdom’s most long-established companies
In addition to an introductory feature article, the report includes:
One of the few Saudi Stock Exchange (Tadawul)-listed companies to have gained a significant amount of giga-project work is Red Sea International (RSI), which specialises in prefabricated buildings and facilities management.
Having built up a list of local construction firms working on the giga-projects, GSN has analysed the shareholding records for several contractors, using data provided by Diligencia in a partnership to help sharpen understanding of those involved. It shows that the companies most heavily involved are often decades old, with the exception of Saudi Real Estate Infrastructure Company (Binyah). They are mainly in private hands (Red Sea International is an exception) and often held by generations of the same family.
A map of Saudi Arabia showing the location of the giga-projects. Provinces are shown, with major cities and towns marked. Airports are also marked
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The report was compiled from articles published within
Gulf States Newsletter (GSN) Issue 1,131. The articles may also be bought separartely and are available as part of a
full annual GSN subscription
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