Saudi Arabia isn’t just building cities—it’s building an entire new economic future, and it wants the world’s top contractors to come along for the ride.
At the Belt and Road Summit in Hong Kong, the Kingdom’s Ministry of Investment unveiled its International Contracting Office (ICO)—a central hub designed to welcome foreign contractors into one of the world’s busiest construction zones.
“This isn’t a market running short on ambition. It’s a market running short on time,” said Yousef S. Alotaibi of the ministry, noting that construction demand is exploding as Vision 2030 mega-projects take shape.
The ICO promises to act as a one-stop gateway for contractors, handling everything from business registration to certifications needed to win bids. In a streamlined system, firms could move from paperwork to shovel-ready status in as little as five weeks.
The scale is staggering: by 2030, Saudi Arabia expects construction spending to exceed $1.4 trillion, while new real estate is forecast to surpass 1 billion square meters of built-up space—and that’s without even counting the giga-projects.
NEOM, The Red Sea, Amaala, Diriyah Gate, Qiddiya, King Salman Park—names that have already become shorthand for Saudi Arabia’s architectural ambition—are all fueling an insatiable appetite for global talent.
The ICO isn’t going it alone. It pulls together the muscle of ministries, regulators, and authorities, from industry and housing to tax, standards, and urban development. The goal: make it fast and frictionless for foreign contractors to set up shop.
But the regional competition is heating up. As Saudi Arabia hoovers up talent and materials for its mega-build, neighboring markets—especially the UAE—are feeling the pinch, with rising costs and dwindling bidders forcing some developers to bring construction in-house.
Saudi Arabia’s message, however, is clear: the Kingdom is wide open for business, and the cranes on its skyline aren’t stopping anytime soon.
