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00:00Just tell us a little bit about the construction sector and where it fits into the Saudi GDP jigsaw.
00:07Well, at $1.5 trillion in construction projects, first of all, we have to say this is arguably the largest active construction market in the world.
00:17And at the moment, it represents around 6% of the GDP, as in the current volume.
00:22Now, I think it's also important to note that there are less construction market in two segments, the gigaprojects, which in essence are entire cities that are being built in a matter of a few short years, the likes of Neom, Gidea, Daria.
00:39But on the other side of this, we also have a large pile of construction that's taking place for grassroots developments.
00:46Russian is doing an amazing job at creating residential districts.
00:52You have the Saudi downtown company, SDC, which is responsible for turning 12 regions around the country into thriving metropolitan hubs.
01:04So the construction market in its current form represents 6% of the GDP.
01:09The currently active or planned projects are north of $1.5 trillion, and this is really, truly spanning the entire region in every form.