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The Activity Of The Saudi Construction Sector Increased By 35% In 2022

A report issued by the Saudi-American Business Council revealed a significant increase in the activity of the Saudi construction sector during the year 2022; As the value of contracts returned to pre-pandemic levels; He explained that the value of contracts awarded during the last quarter of last year increased to 71.5 billion Saudi riyals ($19.1 billion), an increase of 37 percent over the comparative period of 2021.

This represents the highest value of contracts awarded in a quarter in nearly seven years, when the value reached 88.1 billion Saudi riyals ($23.6 billion) in the first quarter of 2015. The significant growth in the last quarter of 2022 led to an increase in The total value of awarded contracts in 2022 will reach 192.4 billion Saudi riyals ($51.3 billion), which reflects an increase of 35 percent over 2021.

Tabuk region recorded the highest value of awarded contracts; It attracted 27.4 billion Saudi riyals ($7.3 billion), or 38 percent of the total contract value. The NEOM project acquired the majority of the contracts. It witnessed the awarding of contracts worth SAR25.7 billion ($6.9 billion), or 94 percent of all contracts, during the quarter. Contract awards for the NEOM project were limited to the real estate and transportation sectors. The remaining contracts amounting to 1.8 billion Saudi riyals ($468 million) or 6 percent were awarded to the Red Sea International Company, Seven Company and the Tabuk Municipality, and these contracts were in the real estate and transportation sectors as well.

Read the full story at Globe & Echo

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