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Saudi Arabia’s Eastern Province accounted for the highest share of awarded contracts during Q1 2024, amounting to $14.2 billion (SAR53.1 billion) of the total $31 billion awarded in the same period. According to a report by U.S.-Saudi Business Council, 45% of all projects awarded in the entire kingdom across various sectors were for projects located in the Eastern Province. The oil & gas sector accounted for the highest share as 12 contracts were awarded worth $12.3 billion (SAR46.1 billion) or 87% of the Eastern Province’s total, according the report. The real estate sector attracted 12 contracts worth $1.1 billion (SAR4.2 billion) or 8% of the total in Q1 2024. The industrial sector witnessed six contracts worth $$310 million (SAR1.2 billion) or 2% percent of the total number of contracts awarded in Q1 2024. The remaining six contracts worth $437 million SAR1.6 billion) or 3% were awarded to the water, power, and petrochemical sectors. The Tabuk region captured the second highest value of awarded contracts with $6.6 billion (SAR24.9 billion) or 21% of the total. There were 13 contracts awarded in Tabuk, which was dominated by NEOM across numerous sectors. NEOM awarded seven contracts worth $6.4 billion (SAR24 billion), while Red Sea Global awarded three contracts worth $179 million (SAR671 million). The water sector accounted for the highest share with $4.7 billion (SAR17.6 billion) or 71% of Tabuk’s total. The Makkah region tallied the third highest value of awarded contracts with $4.5 billion (SAR16.7 billion) or 14% of the total. The real estate sector had the largest share of awarded contracts with 21 projects worth $2.1 billion (SAR8.7 billion) or 52% of the total. A single contract worth $1.3 billion SAR5 billion) was awarded in the industrial sector pertaining to the construction of Ceer’s auto manufacturing plant. The water sector witnessed two contracts worth $528 million (SAR2 billion). The remaining sectors included oil & gas and power. |
