Public contracts awarded by Saudi Arabia jumped by nearly 47 pct in the first half of 2024 mainly due to a sharp rise in oil deals, according to an economic report.
The value of the awarded contracts stood at around USD 49.3 bln in the first half compared with nearly USD 33.6 bln in the first half of 2023, showed the report by the US-Saudi Business Council (USBC).
The report, published by the Saudi daily Al-Watan, showed oil and gas deals accounted for nearly 41 pct of the total awarded contracts in the first quarter, with a value of about USD 7.28 bln.
“The contracts awarded in the oil sector led the increase in total awarded contracts in the first and second quarters of 2024,” the report said without mentioning the value of contracts in the oil sector in the second quarter.
Total awarded contracts stood at USD 72 bln during 2023, nearly USD 48.5 bln in 2022 and USD 37.8 bln in 2021.
