USSBC: Value of Saudi contract awards passed $5 billion in Q1 2021 ...United Arab Emirates

The construction sector continues to witness an increase in the value of awarded contracts as it grew to SAR19.2 billion ($5.1 billion) during Q1’21, reflecting a 20 percent increase compared to last quarter, according to a report by the U.S.-Saudi Business Council. On an annual basis, the value of awarded contracts lagged by 58 percent compared to Q1’20.  The economic backdrop during the first quarter was largely influenced by the Kingdom’s decision to cut oil production last February in an effort to buoy global oil markets, which led to an oil GDP decline of 12 percent and total GDP to also decline by 3.3 percent on an annual basis. Conversely, non-oil GDP witnessed a 3.3 percent increase

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