That will put the kingdom at the forefront of the region’s recovering economies, according to Collaboration, Management and Control Solutions (CMCS), a project portfolio management firm in the Middle East.
Recent industry reports have shown that the Saudi’s real estate industry is expected to sustain an annual growth rate of between five to seven per cent through 2012, driven by strong domestic housing demand, expanding business development projects and a surging hospitality sector.
The country’s telecommunications sector, the largest in the Gulf, is in a similarly thriving state, with the mobile market in particular growing rapidly in the past years to surpass the 100pc penetration mark.
Although significantly impacted by the financial crisis, the petrochemical sector is being streamlined by the government and primed for further expansion.
Other businesses which will continue to positively impact Saudi Arabia’s competitiveness and development are banking, which remains minimally exposed to and resilient against the global downturn, and healthcare, which is set for 12pc growth through 2012.
“Saudi Arabia represents one of the most optimistic markets from both regional and global perspectives,” CMCS chief executive officer and founder, Bassam Samman said.
“CMCS recently opened two local offices to provide the kind of project management support necessary to sustain the growth of the kingdom’s project-based sectors. We intend to play a key role in realising the immense market potential of the country and helping it continue its development momentum,” he added.