Arab Today, arab today investment in infrastructure projects in kingdom
Last Updated : GMT 17:08:07
Arab Today, arab today
Arab Today, arab today

Investment in infrastructure projects in Kingdom

Arab Today, arab today

Arab Today, arab today Investment in infrastructure projects in Kingdom

Jeddah - Arabstoday

Saudi Arabia\'s efforts to usher in the next stage of industrial development is set to receive a major boost as the 2nd edition of Machinex Arabia, the region\'s premier industrial exhibition, kicks off in Jeddah later this month.The exhibition, organized by Al-Harithy Company for Exhibitions under the auspices of the Saudi Industrial Property Authority (MODON), takes place from Feb. 19 to 22 at the Jeddah Centre for Forums and Events.\"As the most important regional event of its kind, Machinex Arabia 2012 aims to support the advancement of Saudi Arabia\'s industrial sector and reduce the Kingdom\'s reliance on imports by creating national industrial alternatives,\" said Walid Saad Wakid, vice president of Al-Harithy Company.He added, \"In light of the rapid expansion of the various industry sectors in Saudi Arabia, and due to the surge in construction and manufacturing activity, demand for machineries and equipment has been increasing steadily, pushing local companies and contractors to look for innovative products and solutions that would give them a competitive advantage.\"Wakid noted that the massive development projects in Saudi Arabia constantly require the best and most reliable resources, particularly industrial machineries and equipment. According to estimates, investment in infrastructure projects in the Kingdom topped SR150 billion ($40 billion) in 2011. This amount is expected to increase sharply over the next decade, and the total amount to be invested in Saudi Arabia in infrastructure in 2020 is estimated at a staggering SR1.87 trillion ($500 billion).For Saudi Industrial Property Authority, support for Machinex Arabia 2012 continues their commitment to the industrial development of the Kingdom. The Authority has till date established 26 industrial cities in various parts of Saudi Arabia, 12 of which were built in the last three years.MODON confirms that the number of industrial facilities in Saudi Arabia has doubled in the past few years with a total invested amount of $70 billion, leading to the recruitment of more than half a million people. Together, these facilities are expected to post revenues of more than $140 billion by 2015.The development of industrial cities in Saudi Arabia is moving along at a rapid pace. In addition to the two Royal Commission industrial cities in Jubail and Yanbu, there are five other industrial cities currently under construction including the King Abdullah Economic City.Noting that Machinex Arabia 2012 offered the perfect opportunity to take the infrastructure growth story forward, Wakid said, \"The exhibition provides a solid platform for local industrialists and dealers to meet representatives of the world\'s leading manufacturers; it affords them a unique opportunity to build new relationships and acquire new technologies that will help accelerate the development of the industrial sector in Saudi Arabia.”

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