{"id":1019,"date":"2023-03-15T11:49:52","date_gmt":"2023-03-15T06:19:52","guid":{"rendered":"https:\/\/www.dss-hr.com\/blog\/?p=1019"},"modified":"2023-03-15T11:49:52","modified_gmt":"2023-03-15T06:19:52","slug":"saudi-projects-worth-more-than-1-trillion-in-unawarded-contracts","status":"publish","type":"post","link":"https:\/\/www.dss-hr.com\/blog\/saudi-projects-worth-more-than-1-trillion-in-unawarded-contracts","title":{"rendered":"Saudi Projects Worth More Than $1 Trillion in Unawarded Contracts"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the report, more than $1 trillion in contracts in the works still need to be assigned.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the report, the value of project contracts in Saudi Arabia was the highest in the Gulf in 2022.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to the report, &#8220;NEOM&#8221; leads the projects in terms of the contract value in 2022.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><strong>Related Post: <\/strong><a href=\"https:\/\/www.dss-hr.com\/blog\/seven-trends-in-talent-acquisition-to-follow-in-2023\" target=\"_blank\" rel=\"noopener\">Seven Trends in Talent Acquisition to Follow in 2023<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 21, 2023, MEED released its outlook report future of projects in Saudi Arabia during the year in the course and next, as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105],"tags":[193,194,192],"class_list":["post-1019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recruitment","tag-projects-in-saudi-arabia","tag-saudi-budget-for-2023","tag-saudi-projects-worth-more-than-1-trillion-in-unawarded-contracts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Projects Worth More Than $1 Trillion in Unawarded Contracts | Dynamic Staffing Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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