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Riyadh Front Exhibition & Conference Center located at ROSHN Front
As Saudi Arabia intensifies its diversification strategies under Vision 2030, there has been a noticeable surge in the execution of large-scale, or “giga”, projects. These ambitious projects, primarily funded and managed by the Public Investment Fund (PIF), provide a significant opportunity for economic expansion, infrastructure growth, and job creation. In 2021, PIF embarked on the second phase of strategic development through the Vision Realisation Program for the 2021-2025 period.
Key projects such as NEOM, Red Sea Global, ROSHN, Diriyah Company, and Qiddiya are integral to the transformative Vision 2030 initiative. The main objective of these projects is to broaden the economic base and generate non-oil revenue surpassing $111.17 billion (SAR 417 billion) by 2023. In addition, other significant ventures like AlUla, New Murabba, and King Salman International Airport are expected to stimulate the growth of the infrastructure and construction sectors. They also promote domestic value creation and the incorporation of state-of-the-art technologies.
To ensure the successful implementation of these gigaprojects and to reap their maximum benefits, there are five key areas to consider. These include: ensuring the availability of skilled resources and management capabilities, creating accurate cost estimates, improving governance and risk procedures, planning for potential supply chain limitations, and developing solid funding and financing plans.
For Saudi Arabia to effectively leverage the potential of these gigaprojects, it must encourage collaboration and knowledge sharing. Seasoned professionals should play a crucial role in guiding and training local talent, facilitating a seamless transition, and laying a robust foundation for future industry leaders. Furthermore, proactive engagement with external stakeholders like financial institutions and local authorities can aid in managing risks originating from various quarters.
Through the strategic efforts of PIF and its Vision Realisation Program, Saudi Arabia aspires to stimulate positive, sustainable change, broaden its economic horizon, and generate millions of new jobs. By addressing the identified challenges and capitalizing on opportunities for improved project execution, the kingdom can successfully achieve its economic transformation goals and position itself as a global forerunner in the execution of megaprojects.
Source: Construction Week
