(MENAFN) The value of awarded contracts in Saudi Arabia declined during the July-September period of this year, after displaying signs of recovery during the previous quarter, dropping to USD9.13 billion during the quarter, Arab News reported.
The value of awarded contracts during the July-September period of this year registered a decline by 77 percent compared with the correspondent period of last year which reached USD39.67 billion alone, while the value of awarded contracts in August of this year slumped to USD1.14 billion, which is the lowest value since April 2010.
In terms of sectors, the transportation sector alone accounted for 36 percent of the value of awarded projects during the third quarter of this year, while the water sector witnessed a jump in the value of awards compared to the previous two quarters, accounting for 13 percent and the power sector, which contributed 11 percent despite it usually contributing a significant amount to the value of projects.
During the January-September period of this year, the value of awarded contracts reached USD42.33 billion, declining by 37 percent compared with USD67.03 registered during the same period in 2013, which was the result of the decline in the value of awarded contracts during the third quarter, which had a negative effect despite the strong momentum that was witnessed during the first half of 2014.
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