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PIF push to propel Saudi construction market to pre-pandemic levels

Saudi Arabia’s construction market may go back to the pre-pandemic levels this year as the Public Investment Fund, or PIF, is pushing for more projects.  In 2021, the contracts industry registered a 78 percent rise in activities as compared to 2020 and this upward momentum is expected to continue in 2022, according to the US-Saudi Business Council.

This push is mainly the result of the PIF spending on projects like NEOM and The Red Sea Development Co. as well as the increase in capital investments by Saudi Aramco, which plans to raise its oil and gas production capacity further.

Read the full story at Arab News

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