USSBC: Value of awarded contracts surged to SAR142 billion in 2021

The U.S. -Saudi Business Council (USSBC) said that the value of awarded contracts surged to SAR70.2 billion ($18.7 billion) during the fourth quarter, marking five consecutive quarters of growth and a 340 percent jump YoY.

The total value reached SAR142 billion ($38 billion) in 2021, a 78 percent expansion compared to 2020.

 The USSBC Contract Awards Index catapulted to 209.05 points, growing by 94.21 points during the quarter. The CAI reached the 200 point mark for the first time since the onset of the pandemic.

 The oil & gas sector rebounded to reach the highest value of awarded contracts worth approximately SAR34.9 billion ($9.3 billion) after a dormant first three quarters. The power sector maintained the second spot as the value of awarded contracts reached approximately SAR12.1 billion ($3.2 billion). The real estate sector fell to the third position with approximately SAR7.6 billion ($2 billion) worth of awards despite surpassing last quarter’s total.