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  • 02-11-22

    US Saudi Business Council: KSA witnesses 88 percent surge in contract awards

    (MENAFN) Saudi Arabia’s huge ventures supported driving SR94.5 billion (USD25.15 billion) in contracts being awarded in the January-June period of this year, as said by the most recent report issued by the US Saudi Business Council.

    This indicated an 88 percent increase on a yearly basis.

    The overall worth of ventures awarded throughout the April-June period amounted to SR48.6 billion (nearly USD13 billion), whereas in the previous quarter it reached SR46 billion (around USD12 billion).

    “The awarding of large infrastructure packages at Neom City’s ‘The Line’ during the (second) quarter accounted for the surge in value,” as stated by USSBC in the report.

    “The gradual shift in the rise of the private sector’s participation to develop the Kingdom’s non-oil economy is bearing fruit,” according to Albara’a Alwazir, head of financial research at the US-Saudi Business Council.

    He also mentioned that “The culmination of supportive macroeconomic conditions since the outbreak of COVID-19 will see the Kingdom’s GDP rise to an estimated 7.5 percent in 2022, the highest in 10 years.”

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