A majority of the awarded contracts were in real estate, oil & gas, water, and power which accounted for approximately 87% of the total value of contracts awarded. Petrochemicals, transportation, and industrial contracts accounted for 12% of the total value while 1% were awarded in other sectors. The value of awarded contracts reached SAR35.3 billion ($9.4 Billion) during Q4’19 as the pace of construction activities continue unabated. Although the value of awarded contracts in Q4’19 decreased by SAR12.5 billion ($3.3 billion) or 26 percent compared to last quarter, 2019 ended as the highest grossing awarded contracts by value since 2015. On a y-o-y basis, the value of awarded contracts grew by 34 percent compared to Q4’18. The strong rebound in construction activities during 2019 resulted in approximately SAR197.1 billion ($52.6 billion) in awarded contracts, marking an impressive 95 percent increase over 2018. The Kingdom’s drive to enhance both physical and social infrastructure capabilities through numerous Vision Realization Programs (VRPs) was evident this past year. These positive developments, which came to fruition in 2019, are expected to expand in the coming years to achieve the Kingdom’s medium to long-term Vision 2030 targets.
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