Saudi Arabia said the total value of awarded contracts for full year 2019 surged to hit SR197.1 billion ($52.6 billion), which is the highest since 2015, said the US-Saudi Business Council (USSBC) in its Contract Awards Index for the Fourth Quarter 2019. The total value of awarded contracts during the fourth quarter hit SR35.3 billion ($9.4 billion), it stated. Sector wise, real estate topped the list with SR12.1 billion ($3.2 billion) worth of awarded contracts, while the oil and gas sector edged down to second from last quarter’s top spot as the value of awarded contracts reached SR7.7 billion ($2 billion) followed by the water sector at third position with SR6.3 billion ($1.7 billion) worth of contract awards, stated the report. The USSBC Contract Awards Index (CAI) is an original report created by the US-Saudi Business Council’s economist, Albara'a Alwazir. It encompasses construction-related contract awards across all sectors within Saudi Arabia. A CAI reading of 100 points and above indicates an expansion while a sub-100 point reading indicates a possible contraction. The USSBC CAI reached 210.27 points, increasing its streak to seven consecutive months above 200 points. It is intended to be used as a forward-looking indicator to gauge the health of construction activities, it added.-TradeArabia News Service Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.