USSABC: Saudi Arabia contracts reach SR197bn in 2019 – Saudi Gazette

USSABC: Saudi Arabia contracts reach SR197bn in 2019 – Saudi Gazette

On a year-on-year basis, the value of awarded contracts grew by 34 percent compared to Q4'18.. The strong rebound in construction activities during 2019 resulted in approximately SR197.1 billion ($52.6 billion) in awarded contracts, marking an impressive 95 percent increase over 2018.. The SR35.3 billion ($9.4 billion) in awarded contracts during Q4'19 witnessed the real estate sector rise to the top spot after the oil & gas sector led the previous three quarters.. Of the SR12.1 billion ($3.2 billion) in awarded contracts in the real estate sector, the residential market accounted for approximately 94 percent or SR11.3 billion ($3 billion) of the total.. The oil & gas sector had the highest value of awarded contract in 2019 by a wide margin, netting approximately 43 percent or SR84.2 ($22.5 billion) of total awards.. The Makkah region's SR14.6 billion ($3.9 billion) or 41 percent share of awarded contracts was mainly attributed to a number of mega-projects that were awarded in the oil & gas and real estate sectors.. For the year, the Riyadh region accounted for approximately SR24.6 billion ($6.6 billion) or 12 percent of the total value of awarded contracts.. The Eastern region garnered the third highest value of awarded contracts,