RIYADH: Construction contracts are going to rise to SR322 billion next year, compared to SR260 billion this year, according to Fahd Al-Hammadi, Chairman of the Contractors Committee at the Riyadh Chamber of Commerce and Industry. However, he said the construction sector faces serious challenges in terms of contracts, financing and supervision. There needs to be greater development of government contracts, particularly in the Saudi Contract for Public Works. He expects the Ministry of Finance “to endorse a new contract”, that will serve the private sector, contractors and the government. It should uphold the rights of both the government and contractors,” he said. Al-Hammadi highlighted the importance of the Construction and Projects Forum, to be held under the patronage of Prince Salman Bin Abdul Aziz, the Emir of Riyadh, on Jan. 18 and 19 at Riyadh International Convention and Exhibition Center. “The forum will focus on the significance and vitality of the construction sector in the Kingdom given the tremendous volume of projects in the Saudi market.”
