Value of awarded contracts set to rebound in H2 2020

Value of awarded contracts set to rebound in H2 2020

RIYADH — The value of awarded contracts in the Kingdom decreased during the second quarter to SR11 billion ($2.9 billion) after a strong showing during the first quarter, according to a report by the US-Saudi Business Council (USSBC). The promising start to the year fizzled during Q2 as numerous project awards were suspended due to the effects of the coronavirus pandemic. Furthermore, many of the projects that were in initial phases of execution were halted as stay at home orders, redirecting some of the government's budget, and significant declines in the revenues of construction