Saudi Mega Projects Seek Partners in Bid to Hit Crown Prince MBS's Goals - Bloomberg
Top officials from Saudi Arabia’s mega projects gathered in Riyadh to share progress updates and seek partners to help deliver a key pillar of Crown Prince Mohammed bin Salman’s plan to transform the economy.
Executives from The Line, New Murabba and Diriyah Company — complex developments ranging from a futuristic mega city on the Red Sea to an urban development housing a cube-shaped skyscraper set to be the tallest in the Saudi capital — discussed challenges with supply chains, costs and finding skilled workers as they underscored the urgent need for experienced partners to assist in completing projects.
Many touted construction achievements, some that had not yet been shared widely with the public, but made clear they would have to overcome major obstacles if they are to meet deadlines set under the crown prince’s Vision 2030 agenda.
“I think our biggest problem with these projects is time,” said Oussama Kabbani, group chief development offer for Roshn Real Estate Co., one of Saudi Arabia’s largest residential developers that’s backed by the sovereign wealth fund. “Make no mistake we made commitments to His Royal Highness that we will be a showcase of the 2030 Vision. The challenge now is how much we can achieve from our promise.”
Representatives from developments worth $880 billion gathered at Monday’s event, which was hosted by the Middle East business intelligence source known as MEED. They presented to potential investors and contractors at a time when the kingdom is struggling to lure foreign direct investment and has delayed or accelerated some projects based on funding needs and other considerations.
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