Logo of US-Saudi Business Council
The value of contracts awarded in Saudi Arabia rose 10% year-on-year (YoY) to SAR 66 billion in Q2 2024, the US-Saudi Business Council said in a report.
Quarterly, contract values decreased by 44% from SAR 118.8 billion.
Rapid growth in key sectors, fueled by Vision 2030 programs, has drawn major investments into Saudi Arabia’s infrastructure.
|
Value of Contracts since Q1 2020 |
||
|
Period |
Value (SAR bln) |
Change (%) |
|
Q1 2020 |
45.2 |
+28% |
|
Q2 2020 |
11.0 |
(76%) |
|
Q3 2020 |
7.4 |
(85%) |
|
Q4 2020 |
16.0 |
(55%) |
|
Q1 2021 |
19.2 |
(58%) |
|
Q2 2021 |
25.8 |
+134% |
|
Q3 2021 |
26.8 |
+262% |
|
Q4 2021 |
70.2 |
+339% |
|
Q1 2022 |
46.0 |
+140% |
|
Q2 2022 |
48.6 |
+88% |
|
Q3 2022 |
25.2 |
(6%) |
|
Q4 2022 |
71.5 |
+2% |
|
Q1 2023 |
67.0 |
+46% |
|
Q2 2023 |
60.0 |
+23% |
|
Q3 2023 |
88.0 |
+249% |
|
Q4 2023 |
56.5 |
(21%) |
|
Q1 2024 |
118.8 |
+77% |
|
Q2 2024 |
66.0 |
+10% |
The oil and gas sector led all sectors in Q2 2024, with contracts totaling SAR 27.3 billion.
The real estate sector secured SAR 16.6 billion in contracts, ranking second. Residential deals reached SAR 5.6 billion, hospitality SAR 3.1 billion, mixed-use SAR 3.8 billion, and commercial real estate SAR 4.2 billion.
The water sector recorded SAR 7.4 billion in contracts for the second straight quarter. Key deals included the National Water Company’s investments in wastewater treatment and contracts from the Royal Commission for Riyadh City for the Riyadh Green Project.
The following table shows the value of contracts awarded by sector during the second quarter of 2024:
|
Contracts by Sector in Q2 2024 |
||
|
Sector |
Value (SAR bln) |
Share (%) |
|
Oil & Gas |
27.3 |
41 % |
|
Real Estate |
16.6 |
25 % |
|
Water |
7.4 |
11 % |
|
Other |
14.7 |
22 % |
|
Total |
66.0 |
100 % |
The Eastern Region led in the value of contracts awarded during the second quarter, totaling nearly SAR 38.9 billion, which constitutes 59% of the total contracts.
Riyadh followed with SAR 10.2 billion, or 15% of the total value of contracts.
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