Constructions deals awarded in Saudi Arabia declined by around 13 per cent during 2012 although the contracts recorded a sharp rise in the fourth quarter, according to the Gulf Kingdom’s largest bank National Commercial Bank (NCB) said the value The value “rebounded strongly” in the fourth quarter following a relatively weak third quarter of 2012 to reach SAR69.1 billion.
The strong push during the fourth quarter allowed 2012 to end on a high note whereby approximately SAR235.1 billion worth of contracts were awarded, it said.
“Although the value of awarded contracts dipped compared to 2011’s SR270 billion, several sectors witnessed unprecedented capital spending compared to previous years such as the power (SR47b), petrochemicals (SR47b), healthcare (SR14b) and roads (SR17b),NCB said in a study sent to Emirates 24./ In the fourth quarter alone, the contracts awarded in oil and gas sector amounted to about SR26 billion, while the power sector accounted for another SR16 billion.
Read more: http://www.emirates247.com/business/saudi-construction-deals-down-2013-02-24-1.496181
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