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Saudi Contracts Jump 50% on Chemical and Power Projects

The number of awarded contracts in Saudi Arabia jumped by 50 percent in the first half of 2012, led by petrochemical and power projects, according to National Commercial Bank.

The country awarded construction contracts worth 126.7 billion riyals ($33.8 billion) in the first six months compared with 84.3 billion riyals a year earlier, NCB said today in an e-mailed report. Petrochemical and power projects comprised 67 billion riyals, or 53 percent, of the contracts, said the bank, the kingdom’s largest by assets.

“Although 2011 was considered to be a remarkable year in the construction sector, it appears that 2012 will continue this positive trend,” the Jeddah-based lender said.

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