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