Pubic projects awarded by Saudi Arabia jumped by nearly 134 percent in the second quarter of 2021 due to an upsurge in housing and other construction activities, according to government data.
The value of government contracts awarded in the second quarter totalled around 25.8 billion Saudi riyals ($6.88 billion), the highest level in more than one year, showed the figures published by the Saudi-American Business Council in Riyadh.
“This is around 134% increase over the second quarter of 2020...it also nearly 34 percent higher than the value of awarded contracts of about 19.2 billion riyals ($5.12 billion) in the first quarter of 2021,” said the report, which was published by Almadina newspaper.
The report showed the increase was spurred by an upturn in housing and other construction projects as well as higher oil prices.
The momentum is expected to continue in the short and medium term as the Gulf Kingdom is pushing ahead with plans to expand Saudi citizens’ house ownership to 70 percent by the end of the economic diversification scheme dubbed “Vision 2030,” the report added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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