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The total bank lending to the building and construction sector in Saudi Arabia reached 102.38 billion Saudi riyals ($27 billion) in the first quarter of 2022, up 3.9 percent from 98.50 billion riyals ($26 billion) for the same period in 2021, Saudi Central Bank (SAMA) said in its May bulletin.
Over the past five years, projects executed in the Kingdom’s construction and related sectors exceeded 20 trillion riyals ($5.33 billion), Hamad Al-Hammad, head of the National Contractors’ Committee at the Saudi Union of Chambers of Commerce of Industry had told local Arabic language media.
He added that the Kingdom’s construction sector is recovering from stagnation which it suffered during the Coronavirus pandemic, but the recovery process needs time.
(Writing by Senthil Palanisamy; Editing by Anoop Menon)
