Saudi awards $3bn projects in July as UAE completes $7bn schemes

BNC Projects Journal states projects worth $13.8bn were announced in July 2019, marking 140% growth over June figures

Saudi awards $3bn projects in July as UAE completes $7bn schemes
Skyscrapers stand in the King Abdullah financial district in Riyadh, Saudi Arabia, on Saturday, Jan. 9, 2016. Saudi Arabian stocks led Gulf Arab markets lower after oil extended its slump from the lowest close since 2004. Photographer: Waseem Obaidi/Bloomberg

Construction projects worth $3.3bn (SAR12.4bn) were awarded in Saudi Arabia in July 2019, while Oman announced new projects worth $5bn (OMR1.5bn) during the month, according to the BNC Projects Journal: The Camel Economy, which added that the GCC’s construction projects’ market was valued at $2.52tn with 27,000 active projects as of July 2019.

According to The Camel Economy report, the GCC’s construction market expanded by 6% year-on-year in July 2019, led by Oman and Saudi Arabia with growth rates of 16% and 13% respectively.

A statement issued by BNC added that projects worth $13.8bn were announced in the GCC during July 2019, marking 140% month-on-month growth in the region.

The energy sector registered the highest value of new construction projects in the GCC in July 2019, reaching $9.2bn during the month.

Additionally, the GCC’s energy construction projects – comprising oil and gas, and utilities schemes – saw contract awards worth $3.7bn in July 2019, with completions during the month accounting for 90% of the construction project completions recorded in Q2 2019.

The value of urban construction contract awards tripled in July compared to June 2019’s $1bn, driven largely by the UAE, which contributed to 65% of the total amount.

Project completions worth $13.1bn were noted in July 2019 – marking month-on-month growth of 6% – led by the energy and urban construction sectors. More

By Neha Bhatia