Saudi construction contracts in Q1 surges 79pc to $32bn
RIYADH, August 6, 2024
The total value of awarded contracts in Saudi Arabia for the first quarter soared to SAR119 billion ($32 billion), thus recording a 79% growth over last year while on a quarter-on-quarter basis, the value of contracts grew by 35%, according to a report by the US-Saudi Business Council (USSBC).
Sector-wise, the oil and gas sector ominated the scene walking away with the lion's share of contracts worth SAR51.2 billion ($13.7 billion) followed by real estate which climbed to the second spot with awarded contracts worth SAR24.4 billion ($6.5 billion) and the water sector at the third spot with SAR24 billion ($6.4 billion) contracts.
The USSBC Contract Awards Index ascended to 415.89 points as the sector witnessed a surge in contract values, which has elevated the CAI above the 200-point mark for 18 consecutive months.
