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FINANCIAL NEWS
Saudi projects reach USD66b in 2011: MEED
24 Jan 2012
(MENAFN) A research, issued by MEED, expected that Saudi Arabia’s total value of contracts increased 6 percent to USD66 billion last year in 2011, Arabian Business reported.
MEED also predicted that Saudi Arabia’s projects market will grow 10 percent to USD72 billion by the end of this year 2012, lead by the growth in the construction, petrochemicals and power sectors.
The kingdom also has USD300 billion worth of projects planned and un-awarded, making it the biggest future projects market, MEED said.
The steep slowdown in activity in the UAE was also in favor of Saudi Arabia as it became the largest projects market in the region, totaling more than half of the USD120 billion contracts awarded in the GCC in 2011.
The research attributed the robust growth in the Opec’s largest oil exporter projects to the high oil prices which enable the government to increase its capital projects outlay.
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