RIYADH: Saudi Arabia led the Gulf Cooperation Council’s projects market in the second quarter of this year, while other member states grappled with declines amid the economic fallout from the Iran war, a new analysis showed.
In its latest report, Kamco Invest revealed that the Kingdom awarded contracts worth $30 billion in the three months to the end of June, representing an increase of 160.4 percent compared with the previous three months.
On an annual basis, Saudi Arabia’s project awards expanded 53.6 percent, underscoring the Kingdom’s resilience and continued momentum under Vision 2030-related initiatives.
Separate data from S&P Global also pointed to continued strength in the Kingdom’s construction sector. The latest Al Rajhi Capital Saudi Construction Index showed construction activity expanded at its fastest pace this year in June, driven by a sharp rebound in new orders and broad-based gains across residential, non-residential, and infrastructure segments.
S&P Global said the Kingdom’s Construction Index rose to 56.3 in June from 51.2 in May, marking the second consecutive month above the 50-point expansion mark.
