29 July 2021

Saudi top team pushes on with giga-projects supported by web of local contractors

The Covid-19 pandemic has put huge pressure on government finances, but Crown Prince Mohammed Bin Salman’s favoured mega-projects have continued nevertheless, underpinned by PIF funding to offset the lack of foreign investment. Research by GSN, supported by data provided by Diligencia, shows the bulk of contracts have gone to some of the kingdom’s most long-established companies

The report includes:

Contractor profiles: Leading Saudi firms involved in the mega-projects

Having built up a list of local construction firms working on the giga-projects, GSN has analysed the shareholding records for several contractors, using data provided by Diligencia in a partnership to help sharpen understanding of those involved. It shows that the companies most heavily involved are often decades old, with the exception of Saudi Real Estate Infrastructure Company (Binyah). They are mainly in private hands (Red Sea International is an exception) and often held by generations of the same family.

Al-Bawani: A ‘significant presence’

Alkifah: Red Sea EPC contractor

Almabani: Kamal Adham’s creation

Binyah: Doing well from PIF contracts

El Seif: Merchant family’s prudent stance

Nesma & Partners: Survivors from an earlier boom

Sajco, CCE AND Satco: Other players

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