Risk Management Practice in Saudi Arabia

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (caigbavboa@uj.ac.za), Lukman O. Oyewobi (l.oyewobi@futminna.edu.ng) and Douglas O. Aghimien
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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

Chapter Chapter 5 in Risk Management Practices in Construction, 2023, pp 45-58 from Springer

Abstract: 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.

Keywords: Construction risk; Risk analysis; Risk assessment; Risk management; Risk tools; Urban risk (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35557-8_5

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DOI: 10.1007/978-3-031-35557-8_5

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