AI Summary
The total value of construction contracts awarded in Saudi Arabia fell 27 percent quarter-on-quarter in Q2-2016 to SAR 20.3 billion, National Commercial Bank’s (NCB) latest Construction Contracts Index showed.
April recorded the highest contract value, which stood at SAR 9.3 billion. June came second with a total of SAR 7.84 billion worth of awarded contracts.
The value of construction deals hit a seven-year low of SAR 3.12 billion in May. The sharp decline the month was attributed to fiscal reforms implemented by the government.
Oil and gas contracts recorded the highest value of awarded contracts in Q2 at 32 percent, or SAR 6.5 billion
Petrochemicals accounted for 28 percent of total contract value, or SAR 5.6 billion followed by residential real estate with 15 percent.
Saudi Arabia’s Eastern Province claimed the largest share of the contracts during the period (48 percent of the total value) as it saw a number of contracts awarded by Saudi Arabian Oil Co. (Aramco).
Awarded contracts in Makkah represented 21 percent of total contract value, followed by Riyadh with 17 percent.
|
Awarded Construction Contracts (SAR bln) |
|||
|
Period |
2015 |
2016 |
Change |
|
January |
20.45 |
14.74 |
( 28% ) |
|
February |
22.06 |
3.20 |
( 85% ) |
|
March |
4.91 |
9.99 |
+103% |
|
April |
28.02 |
9.30 |
( 67% ) |
|
May |
17.82 |
3.12 |
( 82% ) |
|
June |
13.73 |
7.84 |
( 43% ) |
|
July |
3.17 |
-- |
-- |
|
August |
25.12 |
-- |
-- |
|
September |
32.62 |
-- |
-- |
|
October |
31.26 |
-- |
-- |
|
November |
9.81 |
-- |
-- |
|
December |
4.53 |
-- |
-- |
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