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Monday, 8 August 2016

Saudi Arabia contract awards down 75 per cent on a year ago | The National

Saudi Arabia contract awards down 75 per cent on a year ago | The National:

"Contract awards in Saudi Arabia dropped by a further 27 per cent quarter-on-quarter to just 20.3 billion Saudi riyals (Dh19.88bn), and are 75 per cent lower than the 82.8bn riyals awarded in the corresponding period last year.

Research from the kingdom’s National Commercial Bank (NCB) stated that the decline was mainly owing to the lack of large contract awards by the Saudi government as it attempts its fiscal restructuring.


NCB said that in May, just 3.1bn riyals of new contracts were awarded, which was the lowest figure experienced since April 2010. Momentum on proposed new metro projects in cities such as Jeddah, Medina and Dammam were stalling, it said, with most of the work that was awarded from the energy and petrochemicals sectors."



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