Saudi awards contracts worth $23bn in Q2 2015
Roads and residential projects accounted for 57%, worth $12.6bn, of the total amount awarded in Q2 2015
The total value of contracts awarded in Saudi Arabia during the second quarter of 2015 was $23bn (SAR82.8bn), of which roads and residential property accounted for 57%, or $12.6bn (SAR47.5bn).
Power projects came third, with 14% of the total value awarded during Q2 2015.
Contracts worth $13.6bn (SAR51.3bn) were awarded in April 2015, marking the highest figure for any month during the period.
Construction contracts showed a higher pace this year than in 2014, but their performance is likely to slow down in 2016 owing to oil price fluctuations, according to Arab News.
Citing NCB Construction Contracts Index Second Quarter 2015, the report said the value of contracts awarded in H1 2015 surpassed H1 2014 by 13%.
The concentration of contracts within the roads sector was in the Makkah region, which claimed 42% of the share.
A sizeable road project in the region was awarded in Umm Al Qura, amounting to $6.2bn (SAR23.3bn).
Riyadh region captured 18% share of the total value of awarded contracts during Q2 2015, and was the recipient of three roads contracts that were awarded by Arriyadh Development Authority.
The Jazan region came third (9%), and its share was attributed to the $4.5bn (SAR17.1bn) IGCC power plant contract that was awarded by Saudi Aramco.
Seven major contracts were awarded in the roads sector in April 2015, the largest being Umm Al Qura's, which was handed to Dallah Albaraka Group.