Saudi Arabia’s construction contracts soar to $32bn in Q1 2024: USSBC

RIYADH: Saudi Arabia saw a 79 percent increase in the value of construction contracts awarded during the first quarter of 2024, reaching SR118.8 billion ($31.65 billion), a new analysis showed. 

The latest US-Saudi Business Council report reveals that this figure is the second-highest on record, following SR147.1 billion awarded in the third quarter of 2015. Compared to the fourth quarter of 2023, contract values jumped by 35 percent. 

The increase is driven primarily by major investment in the oil and gas sector, along with heightened activity in the real estate sector due to Vision 2030 giga-projects and expansion in the water sector. 

The record figures highlight Saudi Arabia’s strategic push, driven by increased foreign investment and key partnerships. Despite broader economic challenges, this growth underscores the Kingdom’s transformation into a major hub for large-scale infrastructure projects, signaling continued economic progress and development. 

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Source: Saudi Arabia’s construction contracts soar to $32bn in Q1 2024: USSBC (arabnews.com)