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A foreign construction labourer walks along a sewage tunnel in Riyadh. Fahad Shadeed, Reuters Image used for illustrative purpose.
Awarded public contracts in Saudi Arabia jumped by nearly 35 percent in 2022 to one of its highest levels in recent years, according to a local report.
The value of such contracts stood at nearly 192.4 billion Saudi riyals ($51.3 billion) last year following a sharp rise in awarded projects in the first quarter, showed the report by the Saudi-American Business Council.
The report, published by the London-based Saudi daily Asharqalawsat, showed public contracts awarded in the first quarter of 2022 soared by nearly 37 percent over the same period of 2021.
The value of the contracts stood at around SAR 71.5 billion ($19.1 billion) in the first quarter, the highest quarterly value since 2015, the report said.
“Public contracts awarded in the first quarter of 2022 recorded a sharp increase, catapulting the value to above its level before the spread of Coronavirus,” it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
