The Saudi construction sector will further gather steam in the second half of 2012, the National Commercial Bank “Construction Contracts Index” for the second quarter of this year released Saturday indicated.
NCB Construction Contracts Index reached 309.12 points by the end of the second quarter of 2012, with the total value of awarded contracts reaching SR74.5 billion. The value of awarded contracts through the first half of 2012 reached SR126.7 billion, eclipsing 2011’s “remarkable performance.”
Sixteen projects each worth SR1 billion were awarded in the period, the bulk of which came from the petrochemical sector alone.
“We expect this trend to continue into H2 ’12 as the value of awarded contracts is anticipated to further increase during this period. Additionally, non-anchor sectors are expected to take on a larger share of the overall value of awarded contracts as the government’s 2012 budget called for heavy investment in the social infrastructure sectors, the NCB report said.
