On February 21, 2023, MEED released its outlook report future of projects in Saudi Arabia during the year in the course and next, as well as the revision for the year 2022, demonstrating that the construction sector is the most profitable in investment, with the Kingdom launching massive projects.
According to the report, more than $1 trillion in contracts in the works still need to be assigned.
The value of project contracts in Saudi Arabia reached around $55 billion in 2022, up 52% from the median annual in the previous five years.
According to the report, the value of project contracts in Saudi Arabia was the highest in the Gulf in 2022.
Last year, the construction sector in the United Kingdom topped contract volume, totaling $20 billion, while transportation contracts totaled $12 billion, energy contracts totaled $7 billion, and oil contracts totaled $5 billion.
According to the report, “NEOM” leads the projects in terms of the contract value in 2022.
The report tracked some of the spending targets in the Saudi budget for 2023, which included completing the first nuclear power plant, developing ten new renewable energy projects with a capacity of 7 gigatonnes, converting 4 million barrels per day of oil and gas into petrochemicals, and building affordable housing for 120,000 families.
In Saudi Arabia, project procurement contracts will be distributed 26% in the construction sector, 16% in the water sector, 15% in the energy sector, and 43% in the rest of the sectors in 2023.
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