Jeddah-based Mahmood Saeed Steel Industries (MSSI) has won a deal to carry out steel structure works on two Public Investment Fund (PIF)-backed projects in Saudi Arabia. The firm said that it has signed an agreement with local contractor Saudi Binladin Group that covers the design, fabrication and erection of steel structures for the Al-Khobar entertainment complex being developed by Saudi Entertainment Ventures (Seven). The complex, also known as the Waves, will be built on reclaimed land on the waterfront in Al-Khobar. It will cover about 300,000 square metres (sq m). The firm also said that it has signed another agreement with Hyundai Motor Manufacturing Middle East, which is a joint venture of the PIF and South Korea's Hyundai Motor Company. The PIF holds a 70% share in the joint venture, with Hyundai holding the remaining 30% stake. The total investment for the project is estimated to be about $500m.  The scope of work for this contract covers the fabrication and installation of steel structure works for a Hyundai car manufacturing plant at King Abdullah Economic City. The firm has yet to disclose further details about the contract values. MSSI specialises in the design, manufacturing, supply and installation of steel buildings and steel structures. The company operates a 65,000 sq m factory located in Jeddah. According to UK data analytics firm GlobalData, the construction industry in Saudi Arabia is expected to grow by 4.4% in real terms in 2025, supported by investments in the housing, energy, industrial and transport infrastructure sectors, coupled with investments in preparation for football's Fifa World Cup 2034. In November last year, the government approved the kingdom’s 2025 budget, which includes a total expenditure of $342.7bn for this year. The commercial construction sector is expected to grow by 3.7% in real terms in 2025, before registering an annual average growth rate of 3.7% in 2026-29, supported by investments in leisure and hospitality, retail, data centres and sports infrastructure projects. The industrial construction sector is expected to record growth of 3.9% in 2025, before recording an annual average growth of 3% in 2026-29, supported by public-private sector investments in the manufacturing and mining sectors. (ICE RIYADH)

Fonte notizia: Meed