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Risk Management Practice in Saudi Arabia

In: Risk Management Practices in Construction

Author

Listed:
  • Ayodeji E. Oke

    (Federal University of Technology Akure)

  • Pelumi E. Adetoro

    (Malawi University of Business and Applied Sciences)

  • Seyi S. Stephen

    (University of Johannesburg)

  • Clinton O. Aigbavboa

    (University of Johannesburg)

  • Lukman O. Oyewobi

    (Federal University of Technology Minna)

  • Douglas O. Aghimien

    (De Mont Fort University)

Abstract

The Saudi Arabian construction sector generates so much revenue that it is considered the largest public construction sector in the Persian Gulf. The country has experienced massive growth in the construction sector as a result of the government ongoing investment in social and economic infrastructures such as housing, transportation, hotel, and energy infrastructure. However, the delivery of these infrastructures is not free from risks and the attributed risk impacts. Therefore, this chapter offers insight into the causes of risk in the construction process and the management of these risks. The chapter submitted that the major risk factors in the country are cost- and time-related. Furthermore, the chapter suggested that construction clients are to blame for the majority of this problem owing to frequent changes in the scope of work and orders. The chapter concluded by offering new risk assessment tools for advanced construction that have recently become popular in some developed nations of the world.

Suggested Citation

  • Ayodeji E. Oke & Pelumi E. Adetoro & Seyi S. Stephen & Clinton O. Aigbavboa & Lukman O. Oyewobi & Douglas O. Aghimien, 2023. "Risk Management Practice in Saudi Arabia," Springer Books, in: Risk Management Practices in Construction, chapter 0, pages 45-58, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-35557-8_5
    DOI: 10.1007/978-3-031-35557-8_5
    as

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