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The average price of timber in Saudi Arabia surged 13.6 percent to 3,734.81 Saudi riyals per cubic metre in the fourth quarter of 2022, compared to SAR3,287.15 per metre in the same period of 2021, according to the latest General Authority for Statistics (GASTAT) report.
On the other hand, average ready-mix concrete prices rose 1.5 percent year-on-year to SAR206.99 per cubic metre.
Cement price, on average, rose 0.6 percent percent to SAR13.75 per 50 kg bag in the fourth quarter of 2022 compared to 13.67 per 50 kg bag for the same period last year.
Average iron prices fell 3.8 percent to SAR3,378.89 per tonne in the fourth quarter of 2022 compared to SAR3513.90 in the year-earlier period.
Cabling prices gained 3.5 percent year-on-year to SAR 47.99 riyals per metre.
Saudi Arabia’s construction contract awards touched SAR 25.2 billion ($6.7 billion) during the third quarter of 2022 driven by Vision [2030] Realisation Programmes related to tourism and housing along with physical infrastructure, according to a
report by the US-Saudi Business Council.
Read More:
Saudi material cost trends: Q3 2022
Saudi material cost trends: Q2 2022
(Writing by D Madhura; Editing by Anoop Menon)
