Saudi Arabia’s construction sector recorded an 8.8% growth rate in 2022, its greatest expansion in eight years. The sector’s buildup is in keeping with Vision 2030, the Kingdom of Saudi Arabia’s ambitious trillion-dollar initiative to overhaul just about every element of the nation’s economy and society.
Most of this huge investment is destined for key developments like the Red Sea Project at Neom, and for the King Abdullah Financial District and other city infrastructure projects, such as the $22.5 billion Riyadh Metro and the Riyadh Rapid Bus Transit system. It promises to be a very busy and prosperous few years for Saudi Arabia’s contractors and their suppliers.
“The construction sector is very important to the Saudi Arabian economy,” says Engineer Saad Ibrahim Abdulaziz Al-Mojel, chairman of the Almojel Company. “It gives an additional impetus to the country’s traditional reputation for its reliance on oil and gas.” The Almojel Company has been playing a critical role in the economic development of Saudi Arabia and the neighboring Gulf States for the past 50 years. Headquartered in Riyadh, Almojel has a controlling interest in a network of companies stretching across the Middle East that operate in a wide range of industries, including manufacturing, building materials, finance and investments, retail, education, real estate, energy services and technology.
As the former chairman of the Riyadh Economic Forum, a former board member of the Council of Saudi Chambers, former vice chairman of the Riyadh Chamber of Commerce and much more besides, Al-Mojel has a farsighted interest in the success of Vision 2030. “One of my goals is to make our population understand what it is we are trying to achieve by 2030,” he says. “We want to create a legacy not just for our children but for the betterment of our entire society.”
In order to develop a highly skilled population able to meet the demands of the 21st century’s knowledge-based labor market, HRH Crown Prince Mohammed bin Salman has put education at the center of the Vision 2030 initiative. Al-Mojel meanwhile has long made a concerted effort to attract, develop and retain talented employees. “Saudi Arabia is blessed with huge reserves of energy and plenty of land,” he says, “but as a group of companies we have always made it a priority to hire the right people and to do our best to hold on to them for as long as possible.”
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