Saudi Arabia construction contract awards drop by 51 per cent in first three months | The National

Saudi Arabia construction contract awards drop by 51 per cent in first three months | The National:

"Saudi Arabia’s construction market is in for a “challenging year" as lower oil prices continue to place restrictions on capital spending, according to a new report by National Commercial Bank (NCB).

NCB’s quarterly construction contracts index reports that just 27.9 billion Saudi riyals (Dh27.3bn) of new contract awards were made in the first three months of this year, a 51 per cent year-on-year decline, and a 39 per cent drop on the preceding quarter.

The bulk of contracts awarded were in the private sector, with 47 per cent in oil and gas, 21 per cent in hospitality and 16 per cent in residential property."



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