US-Saudi business council reports $13bn in contracts

Author: 
Fri, 2019-05-24 23:29

LONDON: The value of joint Saudi-US contracts rose to $13
billion in the first quarter of 2019, according to a business
council report.

That marked the highest value of awarded contracts since the
first quarter of 2015, the US-Saudi Arabian Business Council
said.

The value of contracts awarded during the first quarter amounted
to about half of the total value in all of last year, it added.

The contracts “included many vital projects, notably in the
oil, gas, water and transport sectors,” Abdallah Jum’ah, the
co-chair of the council, was reported as saying by Asharq
Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of
contracts awarded, with many struck by Saudi Aramco. 

Improved oil prices, combined with a government focus on
spending, contributed to the rise, the council said.

The construction sector also looks set for a recovery after many
projects were put on hold due to the oil-price crash.

“If the pace of awarding construction contracts witnessed
during the first quarter of 2019 continues for the rest of the
year, the index of awarding construction contracts may return to
the range we witnessed before the canceling and postponing of mega
projects due to lower oil revenue,” the council said.

Main category: 

Deepening Saudi-US Business partnership through investmentSaudi-US
Business Opportunities Forum stresses B2B linkages
Source: FS – All-News-Economy
US-Saudi business council reports bn in contracts