Bloomberg News

Saudi Arabia Awarded $48 Billion in Orders This Year, NCB Says

October 31, 2011

Oct. 31 (Bloomberg) -- Saudi Arabia awarded a total 179.5 billion riyals ($48 billion) of contracts in the first nine months of the year compared with 106.8 billion riyals last year, according to National Commercial Bank.

The value of contracts awarded during the third quarter reached 95.1 billion riyals, which shows that “the government continues to place an overwhelming emphasis on capital expenditures to meet its commitment to improve the kingdom’s physical and social infrastructure capabilities,” NCB said in a report today.

The value of awarded contracts is showing no signs of slowing down as large projects continue to be awarded in record numbers, the report said. “We expect the value of awarded contracts to continue its push into the fourth quarter,” the NCB report said.

--Editors: Tim Farrand, Claudia Maedler

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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