Saudi Arabia- US business contracts in Q1 hit highest since 2015: report

The value of joint Saudi-US contracts rose to $13 billion in the first quarter of 2019, Arab News reported citing a report by the US-Saudi Arabian Business Council.

This is the highest value of awarded contracts since the first quarter of 2015, the US-Saudi Arabian Business Council said, adding that the value of contracts awarded during Q1 amounted to about half of the total value in all of last year.

The contracts “included many vital projects, notably in the oil, gas, water and transport sectors,” the report quoted Abdallah Jum’ah, the co-chair of the council, as saying to Asharq Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of contracts awarded, with many struck by Saudi Aramco.

According to the council, improved oil prices, combined with a government focus on spending, contributed to the rise.