Apart from being the largest province in the Kingdom, having more than 50% of the country’s oil reserves, and standing on the top of the largest ocean of underground oil reserves in the world, the Eastern Province is also the main engine for non-oil based economic development and is considered to be the most industrialized part of the Kingdom, making up 86% of Saudi Arabia’s basic industries.
As a result of these vast and developing industries, the Construction sector in the Eastern Province is on the rise, making BUILDEX the ideal place for professionals to find out how they can be part of this massive industrial growth.
According to Asharqia Chamber, the Eastern Province is the place for forward-thinking investments, due to:
1. Strategic location: Eastern Province, with more than 33% of Saudi Arabia’s total area, is the largest Province in the Kingdom. It extends from the borders of Kuwait and Iraq in the north to the desert of Al-Rub Al-Khali. It also has land and/or sea borders with Bahrain, Qatar, United Arab Emirates (UAE) and Oman in the east. The Province is also well linked to the Kingdom’s other provinces and to strategic ports of the Red Sea (e.g., Jeddah) in the west.
2. Strong and dynamic economy: Eastern province is Part of two principal strategies behind Saudi Arabia’s economic development and diversification objectives. These are: privatization and free market strategies. Saudi Arabia is also a member of the World Trade Organization.
3. Energy Industries: When it comes to crude oil production, Saudi Aramco has ambitious plans to increase its production capacity to more than 15 million barrels per day by 2020. With nearly 267.3 trillion cubic feet of gas, Saudi Arabia’s natural gas-reserves are ranked as the fourth largest in the world. With 36.9 million Kilowatts (GW) installed generation capacity, Saudi Arabia has the largest generation capacity in the Gulf region
4. Energy intensive industries: From energy industries stem competitive Petrochemical, Steel, Cement and Water Supply industries, allowing Saudi Arabia to diversify its economy and allow for more investment potential.
5. Attractive investor incentives as detailed in the sector page