The chief of the main Saudi contractors platform said the Kingdom’s ‘Muqawil’ platform will keep prices in the construction industry competitive.It will also help regulate the construction industry and isolate unprofessional builders, Al Eqtisadiah reported, citing Thabet Al-Sweid, Secretary-General of the Saudi Contractors Authority.
The platform was established five years ago to help regulate the sector as well as establish indicators for the prices of building materials and contractor rates. It also includes data on the track record of individual contractors to help the public and construction clients make better choices when picking a builder.
As the Saudi construction industry revenue growth is anticipated to increase by approximately 4% annually. The Kingdom’s 2030 vision has set the target for Saudi citizens’ housing at 60% by 2020, which will reach up to 70% by 2030, directly impacting residential building construction activities. Saudi Arabia also plans to reduce the overall household price ratio by 2020 to five times the average per capita annual income.
Gigantic projects such as NEOM, the Red Sea Project, AMAALA, and Qiddiya that positively impact the industries and future development. These projects are accompanied by earlier mega-projects of the King Abdullah era for example, the Science and Technology King Abdullah University, The Petroleum and Research Center of King Abdullah, and the soon-to-be King Abdullah financial district.
In 2019, all three of the giga projects had entered their first phase, and initial development began in early 2020. The schemes are expected to contribute large amounts of ongoing construction activity over the long term, beginning with the need for roads and other essential infrastructure.
At the heart of this evolution is the investment and growth of artificial intelligence (AI) and its integration into a modern mega-city, Neom, where life is built around technology including AI, Big Data and Internet of Things (IoT). Neom is currently under development and aims to efficiently integrate robotics and AI into every aspect of citizens’ lives in a bid to generate revenues from key economic sectors for the future.
However, this transition from the hydrocarbon-based economy to AI is more than economic. It is an effort to protect the Kingdom of Saudis sustainability and to face the increasing difficulties of building a state around oil. Nevertheless, what happens in Neom will offer knowledge towards how AI influences the world.