Saudi awarded projects soar 110% in H1

Saudi awarded projects soar 110% in H1

Oil giant Saudi Arabia awarded projects worth nearly 94.5 billion Saudi riyals ($25.2 billion) in the first half of 2022, a mammoth rise of around 110%, according to a local report.

The increase over the same period of 2021 was part of an overall GDP growth due to higher spending and a project surge within the Gulf Kingdom’s economic diversification scheme, known as “Vision 2030,” said the report by the Saudi-American Council.

GDP grew by 12.2 percent Year-on-Year in the second quarter of 2022 while the construction sector swelled by around 8.8 percent in the same period, said the report, published by the Saudi Arabic language daily Alwatan on Tuesday.

“The Kingdom’s GDP grew by nearly 12.2 percent in the second quarter of 2022, the highest quarterly growth rate since the third quarter of 2011,” the report said.

It showed the value of awarded public contracts jumped by about 88 percent to 48.6 billion riyals ($13 billion) in the second quarter of 2022 compared with the same period of 2021 and nearly 6 percent over the first quarter of 2022.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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