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07-04-14

Saudi construction sector to grow 35 percent in 3 years

(MENAFN) The Saudi construction market is expected to see a significant growth of 35 percent in three years to 2017, according to Arab News. Saudi plans construction projects worth as much as USD732 billion this year. The sector is also expected to become the fastest-growing in the Kingdom's economy by 2015. In 2013, awarded construction projects were estimated at USD42 billion in Saudi, up from USD17 billion in 2012. Gross domestic product boosted by 3.19 percent in the third quarter of 2013 in current prices compared with a 2.7 percent rise in the third quarter of the same year.