Today, Tuesday, MEED launched its report on the future outlook for projects in Saudi Arabia during the current and next year, and the review for the year 2022, as it showed that the construction sector is the most profitable in investments, with the Kingdom launching giant projects.
The report showed that there are contracts worth more than $1 trillion in preparation that have not yet been awarded.
The value of project contracts in Saudi Arabia reached about $55 billion in 2022, which is 52% higher than the annual average in 5 years.
According to the report, the value of project contracts in Saudi Arabia was the highest in the Gulf during 2022.
The construction sector in the Kingdom topped the volume of contracts last year, with a value of $20 billion, while contracts for the transportation sector amounted to $12 billion, energy contracts amounted to $7 billion, and oil contracts amounted to $5 billion.
The report indicated that “NEOM” leads the projects in terms of the value of contracts awarded in 2022.
The report monitored some of the spending targets in the Saudi budget 2023, which included completing the construction of the first nuclear power plant, developing 10 new renewable energy projects with a capacity of 7 gigawatts, converting 4 million barrels per day of oil and gas into petrochemicals, in addition to building affordable housing for 120 thousand families. .
Project tender contracts in Saudi Arabia during 2023 will be distributed to 26% in the construction sector, 16% in the water sector, 15% for energy, and 43% for the rest of the sectors.