Saudi Arabia is one of the largest countries in the GCC (Gulf Cooperation Council, also now known as the Cooperation Council for the Arab States of the Gulf) with an oil-based economy. In order to achieve better economic performance, the government of Saudi Arabia is aiming to diversify its economy by investing in various sectors of business and industry such as hospitality, banking, retail, agriculture, infrastructure & transportation and education. The metal and mining sector is also expanding in the country, which is one of the key reasons for the growing Saudi Arabia construction equipment market.
Saudi Vision 2030 is proving effective, with the Kingdom’s construction sector showing increased growth potential. The rapid growth of the Saudi population and strong urbanization trends are fueling the urban construction sector. Growth over the forecast period (2017–2021) is expected to be supported by government focus on developing transport infrastructure, energy and utilities facilities, and affordable housing across the country.
Under the National Transformation Program (NTP) 2020 and the Saudi Arabia Vision 2030, the government plans to develop sea ports, railway lines, airports and manufacturing facilities, with an aim to reduce the country's dependency on the oil sector and reduce unemployment.
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