11 September 2019
The value of contracts awarded by the Saudi government surged by nearly 32 percent in the second quarter of this year, its highest quarterly level since 2015, local data showed on Wednesday.
From around 48.9 billion Saudi riyals ($13 billion) in the first quarter, the value increased to 64.3 billion Saudi riyals ($17.1 billion) in the second quarter, showed the figures by the Saudi-American Business Council, published by Alyoum newspaper.
"The value of the public contracts awarded in the second quarter of this year is the highest since 2015 on quarterly basis," the report said.
It showed oil, gas, water and transport accounted for nearly 87 percent of the total contracts awarded in the second quarter.
Contracts in the hydrocarbon sector alone, awarded mostly by Saudi Aramco, were worth nearly 59.4 billion riyals ($15.8 billion).
Alyoum said the report expected "further growth in public projects in the next two years" mainly by Saudi Aramco, the world's largest oil firm.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Thomson Reuters Projects News 2019