Reynolds Law Group, LLC has been selected to help facilitate an International Real Estate Development deal between Integral (IEM Strategic Ventures) and the Kingdom of Saudi Arabia.
The government has initiated a number of large-scale construction works in order to ease pressure on existing infrastructure
The boom of Saudi Arabia’s construction sector – its second largest industry behind hydrocarbons – has seen the rapid expansion of the country’s infrastructure over the past two decades. Today, the industry contributes approximately 8 per cent of Saudi Arabia’s total GDP, and is the largest construction market in the Middle East.
Despite the massive increase in building projects, Saudi’s rapidly expanding population continues to put pressure on existing infrastructure. As a result, the government – which accounts for 67 per cent of construction investment – has initiated a number of large-scale projects in the sector for the coming years valued at $800 billion (£523 billion).
As part of the country’s economic goals for diversification and job creation, the major emphasis of upcoming projects is to achieve more balanced development.
Together, education and healthcare remain a priority for the government, accounting for 37 per cent of construction sector spending, with a total of $85 billion set to fund more than 500 new schools and colleges and 19 new hospitals over the next few years.