Riyadh-Mubasher: Saudi Arabia seeks to boost its non-oil revenues to achieve economic balance able to face challenges, said Fahd Al-Hamadi, president of the Contractors Committee at Riyadh Chamber of Commerce.
In a press conference held Wednesday in Riyadh, Al-Hammadi said the building sector, which is one of the most vital sectors in the kingdom, will witness a stage of stability, through which it will reorgornise its laws and regulations.
He called for implementing the international experiences in a manner suiting the kingdom's social and economic environments.
The building sector accelerated its growth to contribute nearly 7.5% of the local GDP at fixed prices, Al-Hammadi said, noting that the number of building licenses reached more than 82,500.
Meanwhile, the value of building contracts awarded in the first half of 2015 amounted to around SAR 82 billion.
