04 December 2019

Saudi Arabia awarded projects worth nearly 161.7 billion Saudi riyals ($43 billion) in the first nine months of 2019, an increase of nearly 117% over the same period of 2018, local newspapers said on Wednesday.

The value of the awarded contracts in the first nine months of 2019 was nearly 87 billion riyals ($23.2 billion) higher than the contracts' value in the same period of 2018, the report by the US-Saudi Arabian Business Council, published by Al-Watan and other Saudi newspapers, showed.

Oil and gas, construction and industry accounted for the bulk of those projects, of which nearly 64 percent were based in the Eastern region, the report said.

It noted that in the third quarter, the value of projects awarded jumped by 164 percent to around 47.8 billion riyals ($12.7 billion) compared with the third quarter of 2018.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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