Saudi's PIF is GCC's largest project developer with $534bn pipeline

Source: Arabianbusiness.com

Seven of the GCC's top 10 project developers are from Saudi Arabia, and PIF leads the list with assets such as Neom, Rou'a Al Haram, and Rou'a Al Makkah

Saudi Arabia’s Public Investment Fund (PIF), led by Crown Prince Mohammad Bin Salman, is the GCC’s largest project developer with pre-execution projects worth $534bn (SAR2tn).

PIF is one of the seven Saudi organisations that make up 10 of the GCC’s largest project owners, and its most notable under-development assets include the $500bn (SAR1.9tn) Neom City, in addition to the mixed-use Rou’a Al Madinah and Rou’a Al Haram, each valued at $10bn (SAR37.5bn).

The investment fund is followed on the list by King Abdulla City for Atomic and Renewable Energy (KA Care) and Saudi Aramco. KA Care’s developments are valued at $70bn (SAR262.6bn), while Aramco’s are worth $36bn (SAR135bn).

With a total kitty of $32.5bn (AED119.4bn), Dubai Aviation Engineering Projects is the fourth-largest project owner in the list of the GCC’s top 10, with its most significant development being Phase 2 of the Al Maktoum International Airport Expansion scheme, worth $31bn (AED113.9bn).

Kuwait Authority for Partnership Projects also makes the list of 10, with pre-execution projects worth $31.5bn (KWD9.5bn). Fellow Kuwaiti organisation, the Public Authority for Housing, is among the GCC’s top 10 project owners, with a total pre-execution pipeline worth $29.3bn (KWD8.9bn). The housing authority’s assets include the $13.9bn (KWD4.2bn) Al Khiran City, and the $13.5bn (KWD4bn) South Al Mutlaa City.

These details were revealed by Cynthia Corby, audit and assurance partner, and construction industry leader, at Deloitte Middle East, at Construction Week: Leaders in Construction UAE Summit 2018.

Corby revealed these numbers during her speech, titled GCC Construction Industry Outlook, at the event held in Dubai on 12 September, 2018.