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FinancialNews
11-01-23
KSA’s construction industry sustains expansion with deals valued at USD6.7B in Q3 2022
(MENAFN) The building industry in Saudi Arabia sustained its expansion trend in the July-September period of last year with deals valued at SR25.2 billion (USD6.7 billion) presented throughout the period, as shown by a report by the US Saudi Business Council.
The report indicates that several Vision Realization Programs in the sector of tourism, housing, as well as infrastructure improvement led the industry’s expansion in the nation.
In spite of a 6 percent decline on a yearly basis in the amount of deals, the overall worth is on track to exceed the industry’s performance in the year before (2021).
The worth of presented deals in the January-September period surged 67 percent on a yearly basis to amont to SR119.7 billion (USD31.6 billion), the report indicated.
“The construction sector continues to perform at a fast pace as a number of supporting developments have aided in its surge,” in line with Albara’a Alwazir, head of financial research at the USSBC.
He continued: “The improved macroeconomic environment spurred by the Kingdom’s oil revenues coupled with ongoing non-oil sector initiatives have helped propel project awards.”
MENAFN11012023000045014228ID1105412347
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