Saudi energy investments to reach $119 billion
Posted: 12 February 2008
 Send this article
 Print this article
Saudi Arabia's energy infrastructure investments are expected to top $119 billion during 2007-2009 according to a study.
The massive investment will provide considerable opportunities for all players involved in financing, delivering or supporting these projects, said the study titled 'Saudi Arabian Paradox: Opportunities & Challenges in the KSA Energy Infrastructure Market, 2008’, a report launched by Contax Group, an energy management consultancy.
“The biggest growth opportunities will be for refining and petrochemical projects, reflecting the kingdom’s desire to diversify from a strong dependence on pure crude exports,” said Khalid Irshad, Contax consultant.
Study reveals that investments in these segments during 2007-2009 are worth $48 billion, while investments in the refining sector will grow by a staggering 2189% during 2007-2009 compared to 2004-2006.
The study also highlights significant challenges in the marketplace, most notably resource availability, and talent scarcity.
“Acquiring, retaining and training staff remains a key issue for Saudi Arabia and the GCC region,” warns Contax CEO, Paul Eccleston. “The kingdom faces challenges to attract an experienced workforce because the attractiveness of other countries continues to draw talent away from the kingdom.”
The study is based on in-depth interviews with business leaders at leading national and international organisations, including oil companies, financiers, and contractors, he said. |
