Highlights from the current report include:
- The total value of awarded contracts during the fourth quarter reached SAR16 billion ($4.3 billion), more than doubling compared to last quarter. The total value of awarded contracts for full year 2020 reached SAR80 billion ($21.2 billion) as numerous projects were halted stemming from the pandemic.
- The USSBC Contract Awards Index reached 95.4 points as the construction sector fell into a contraction. This suggests the executable project pipeline will slowdown in the next 6-18 months.
- The real estate sector registered the highest value of awarded contracts with approximately SAR5.9 billion ($1.6 billion). The power sector climbed to the second spot as the value of awarded contracts reached approximately SAR3.6 billion ($958 million). The water sector rounded up the top three sectors with SAR3.2 billion ($862 million) worth of awards.