Saudi construction to grow by 6.8% in 2010

Saudi Arabia’s construction industry will grow by 6.8% in 2010, fuelled by government spending on major infrastructure projects.

Business Monitor International, an independent provider of country data, analysis and forecasts, is predicting the growth rates based on projects on site and due to start this year.

It said the growth was down to government commitment to infrastructure and Saudi Arabia’s ability to continue fund projects in the absence of private finance.

Around $80bn (£50bn) worth of infrastructure projects are currently underway in the country, with $16bn (£10bn) in construction contracts already handed out by the government in the first half of 2010.