The total value of contract awards in Saudi Arabia in 2022 reached about 192.4 billion Saudi riyals ($51.3 billion), a 35 percent surge year-on-year (YoY), the US-Saudi Business Council (USSBC) said in its latest report.
Contracts awarded in the fourth quarter of 2022 touched SAR 71.5 billion ($19.1 billion), marking a 2 percent increase YoY.
The USSBC Contract Awards Index (CAI) for 2022 grew by 16 percent Year-on-Year (YoY). It climbed to 241.71 points at the end of the fourth quarter of 2022, staying above the 200-point mark in 11 out of the 12 months in 2022.
The CAI grew by 52.92 points or 28 percent Quarter on Quarter (QoQ) while growing by 32.66 points or 16 percent YoY on the back of numerous giga-projects following the pandemic-induced slowdown that hampered the construction sector.
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