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NEOM spending leads growth as the Saudi region with the most investment.

The Saudi construction sector saw a massive increase last year as the value of awarded contracts returned to pre-pandemic levels. The total value of awarded contracts in 2022 hit SR192.4bn ($51.3bn), last year according to a report by the US-Saudi Business Council. Real estate was the biggest sector for construction spending, while NEOM was the region with the most investment.

The value of awarded contracts during the final three months of last year surged to SR71.5bn ($19.1bn), accounting for 37 per cent of the year’s awards. It marks the highest value of awarded contracts in a quarter in nearly seven years when the value reached SAR88.1bn ($23.6bn) in the first quarter of 2015.

Read the full story at Arabian Business

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