Saudi Arabia initiated 540 projects worth over SAR 450 bln in 2021: Official

Hamad Al-Hammad, Head of National Contracting Committee

Saudi Arabia offered more than 540 projects, worth over SAR 450 billion, in the local market in 2021, Saudi Press Agency reported, citing Hamad Al-Hammad, Head of National Contracting Committee at the Federation of Saudi Chambers.

The projects were spread across various sectors, the most important of which are construction, energy and transport, he added.

The national contracting sector includes more than 176,000 companies, which have grown at an annual rate of nearly 3%, and contribute 5.5% to the Kingdom's GDP, and 10.7% to non-oil GDP, Al-Hammad said.

The data confirms the importance of the contracting sector and that the Saudi market has become attractive for the growth of local and foreign firms, with more than 995 foreign companies working in the field of contracting, the official pointed out in his speech during NCC’s emergency meeting to discuss several issues concerned with the contracting sector.