Prince Faisal bin Bandar

The $22-billion Riyadh Metro project is going on according to the plan despite the fact that many global projects are faltering.

“There are many stalled projects all over the world and not in the Kingdom alone, but the metro project in the Saudi capital is proceeding according to plan,” Riyadh Gov. Prince Faisal bin Bandar said.

He made the statement as a sponsor of the 3rd Forum on Construction and Projects, which concluded in the capital on Tuesday.

The event was organized by the Riyadh Chamber of Commerce and Industry.

The Riyadh Metro is also called King Abdulaziz Project for Public Transportation. It was originally scheduled to be completed in 2018. It is one of the world’s largest metro projects. Early last year, local reports said the project was 10 percent ahead of schedule.

The Riyadh governor said that problems had been encountered in undertaking the project but the results of efforts in the construction will soon be visible for the benefit of citizens as well as residents.

The forum, which was attended by a number of professionals and investors in the construction sector, saw discussions on changes in the construction sector as well as challenges faced by local industry players.

Fahd Al-Hammadi, chairman of the board of directors of the Riyadh Contractors Chamber, said the construction sector is dynamic and vibrant.

“The sector contributed up to 5 percent of the gross domestic product (GDP) of the Saudi economy last year. It grew by 5.7 percent in 2015 compared to the previous year,” he said.

Al-Hammadi said the construction sector contributed 25.5 percent of the investment in the economy in 2014, with a total of 82,500 licenses issued during that year.

Related articles across the web

• Nigeria's GDP to hit $2trn by 2030, if... - Lai Mohammed
• So where's the economy now Mr Carney?
• Why GDP is so difficult to measure
• Buhari regime's economic growth won't reach 2014 level - NBS
• Moody's predicts strong growth for Iran
• PNC will put the economy on track - Mahama
• The Great Green Wall initiative (2007-
• Gross Domestic Product by Industry, 3rd quarter 2015
• Struggling to Survive
• Market Turmoil, the Fed and the Presidential Election