Jeddah, the jewel of the Red Sea coast, is experiencing an unprecedented surge in its real estate sector, making it one of the most promising investment locations in the Middle East.
The city has witnessed remarkable development, fueled by economic diversification efforts, urbanisation, and a progressive government vision. As part of the Saudi Vision 2030 initiative, the government has been investing heavily in various sectors, including tourism, entertainment, and infrastructure. According to the Real Estate General Authority (REGA), the contribution of the real estate sector to the Saudi non-oil GDP reached 12.8% in the first quarter of 2023. The GDP is projected to register a growth rate of 1.6% in 2023.
As Jeddah continues to attract investments and shape its skyline with iconic structures, the role of aluminium formwork remains pivotal. This tech-forward construction method not only accelerates development but also ensures that projects meet the highest quality standards.
Another integral part of this growth story is the adoption of aluminium formwork technology, which has revolutionised construction processes, making them faster, more cost-effective, and environmentally sustainable.
Keeping that in mind, Knest has signed a Memorandum of Understanding (MOU) with ABR Jeddah Contracting Co. from Saudi Arabia. The signing event was organised on September 11, 2023, as part of the India-Saudi Investment Forum 2023 during the G20 Summit in New Delhi.
This alliance is to set up an aluminium formwork company in Saudi Arabia that will boost its supply in Saudi and other Middle Eastern and North African countries. With investments, this alliance will also kickstart collaborative growth in the sector.
Data Points: Argaam, CBRE