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FINANCIAL NEWS
USD27.19 b worth of contracts in Saudi Arabia in H1
04 Aug 2013
(MENAFN) Contracts worth more than USD27.19 billion were handed by Saudi Arabia in the first half of 2013. Most of them were allocated to the construction and estate sectors, the gulf kingdom stated.
A report by Emirates 24/7 shows that 39% of the total value of the contracts was allocated to the real estate sector during the second quarter of 2013. However, it accounted for 30% of the value in the first half of the same year.
23% of the contracts were allocated to the power, oil, gas and transportation sectors in the second quarter of 2013.
�The magnitude of construction activities in the real estate sector in particular, reflects the need for continual large-scale projects to accommodate growing demand. Furthermore, sectors such as petrochemical and industrial have yet to take off in 2013 but are expected to account for a respectable share of the value of awarded contracts for the remainder of 2013.� The Eastern Province said.
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