• Airways
  • Railway
  • Roadways
  • Shipping & Port
Transport Advancement
  • Home
  • News
  • Projects
    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

    CX North America Releases Next-Generation Mobile App for Drivers

  • Articles
  • Press Statements
  • Market Reports
    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

    HPC leads machine learning initiative at Hamburg container terminal

    Chinas busiest port sees growth in sea-rail transport

    IATA health checklist to help airlines implement ICAO Covid-19 guidance

    Air cargo demand helps Korean to Q3 operating profit

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Transoft acquired Keysoft Solutions

    Transoft Solutions Completes Acquisition of Uk-based Keysoft Solutions

    GRAHAM

    GRAHAM revenue stabilisation sets the platform for sustainable growth

    DP World Acquires Topaz in USD 1.1 Bn Deal

    DP World Acquires Topaz in USD 1.1 Bn Deal

    Siemens sells electric aircraft-propulsion business to Rolls-Royce

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Projects
    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

    CX North America Releases Next-Generation Mobile App for Drivers

  • Articles
  • Press Statements
  • Market Reports
    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

    HPC leads machine learning initiative at Hamburg container terminal

    Chinas busiest port sees growth in sea-rail transport

    IATA health checklist to help airlines implement ICAO Covid-19 guidance

    Air cargo demand helps Korean to Q3 operating profit

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Transoft acquired Keysoft Solutions

    Transoft Solutions Completes Acquisition of Uk-based Keysoft Solutions

    GRAHAM

    GRAHAM revenue stabilisation sets the platform for sustainable growth

    DP World Acquires Topaz in USD 1.1 Bn Deal

    DP World Acquires Topaz in USD 1.1 Bn Deal

    Siemens sells electric aircraft-propulsion business to Rolls-Royce

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

  • Events
  • Contact Us
No Result
View All Result
Transport Advancement
No Result
View All Result
Home News

Saudi Arabia Has Been Awarded $6.7 Billion In Q3 Contracts

12th January 2023
in News, Roadways
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

According to the US-Saudi Business Council (USSBC), Saudi Arabia’s third quarter contract awards totalled US $6.7 billion. The council ascribed the outcome to changes in the building industry brought on by initiatives to realise Vision 2030 in the areas of housing, tourism, and physical infrastructure.

The value of contracts given thus far is on course to surpass 2021’s performance, according to the council, despite a decline in awarded contracts of 6% year over year during Q3. According to the report, the value of contracts awarded over the first three quarters increased by 67% to $31.9 billion.

By the end of the third quarter, the USSBC Contract Awards Index (CAI) had decreased to 188.11 points; according to the council, this was the first time since the third quarter of 2021 that the index had fallen below 200 points. According to the research, even if the CAI dropped, the construction industry would still be experiencing growth because it is still far above the 100-point barrier that separates expansion from contraction.

According to the council, the CAI increased by 73.27 points (up 64%) YoY and declined by 41.88 points (down 36%) QoQ. As per reports, the CAI’s performance over the first three quarters shows how healthy the construction industry is once again as the value of active construction projects keeps rising. The research said that although construction activities lagged behind the CAI, the value of completed projects saw a sizable recovery after bottoming out in 2020.

The viability of projects already in the execution stage as well as initiatives that are on the short-term horizon have been assisted by the progressive decline in construction material costs and increased demand for cement. In the years to come, when VRPs are anticipated to be delivered, construction activity will be kept afloat by the granting of mega-projects across sectors, the USSBC stated.

The council claims that after a weak second quarter, the real estate sector recovered in the third quarter, awarding 15 contracts totalling $3.3 billion. According to reports, mixed-use real estate took the lead with one $2 billion contract, followed by residential real estate with eight $1.1 billion deals, commercial real estate with four $146 million deals, and hospitality with two $145 million deals.

The real estate industry grew overall by $1.7 billion, or 102% YoY, and $3.1 billion QoQ during the third quarter. Real estate received $6.1 billion (19% of the total) in awarded contracts during the first three quarters of 2022 (YTD), placing it third among sectors after oil and gas and transportation.

The value of contracts awarded in the real estate sector increased by $2.6 billion, or 73%, year over year. AMF estimated that the construction industry was valued at $187 billion as of late December 2022.

In a statement about the transportation industry, the council claimed that despite a decline in contract wins during Q3, the industry nevertheless performed second best with a value of $912 million. The four infrastructure and earthwork packages from Neom for The Line’s high-speed rail link accounted for the majority of the 12 contracts awarded during the quarter.

The transportation industry was determined to have grown by $208 million, or 30% YoY, despite a $5 billion QoQ fall. The transportation industry received $8.7 billion in contract wins, or 27% of the total, which is the highest percentage on a year-to-date basis.
With a $2.2 billion, or 303%, gain year over year, the transportation industry continued to grow significantly faster than the rate of the previous year.

Keywords- Vision 2030, Construction Material Costs, Increased Demand For Cement, USSBC Contract Awards Index, Active Construction Projects.

Previous Post

Siemens Mobility to explore solar energy in powering the UK's railway

Next Post

Travel Meet Asia 2023 takes place in June, tapping into Malaysia and Southeast Asia's Huge Tourism Potential

Related Posts

News

Solar Bases To Decarbonize Freighters Docked At Kenya Port

27th January 2023
Wales to leverage new technologies to maintain rail services in autumn
News

Varamis launches fully-electric freight train for logistics services in UK

26th January 2023
Hexagon unveils security and surveillance portfolio for rail operations
News

BNSF Railway unveils $3.96bn 2023 capital investment plan

26th January 2023
News

Cambodia to spend $4bn in Phnom Penh-Poipet rail overhaul

26th January 2023
Ethiopian Cargo highlights its readiness for vaccine distribution
Airways

Ethiopian Ramps up Cargo Investment for African E-commerce Hub

26th January 2023
No Increase In The Air Cargo Demand Post Holiday Season
Airways

WFS cargo fast tracks sustainability in Spain

26th January 2023
Next Post
Travel Meet Asia 2023 takes place in June, tapping into Malaysia and Southeast Asia's Huge Tourism Potential

Travel Meet Asia 2023 takes place in June, tapping into Malaysia and Southeast Asia's Huge Tourism Potential

Latest Post

Ethiopian Cargo highlights its readiness for vaccine distribution
Airways

Etihad Cargo bolsters its global customer service centre operations

26th January 2023
Ethiopian Cargo highlights its readiness for vaccine distribution
Airways

Ethiopian Ramps up Cargo Investment for African E-commerce Hub

26th January 2023
No Increase In The Air Cargo Demand Post Holiday Season
Airways

WFS cargo fast tracks sustainability in Spain

26th January 2023
American Airlines Welcomes Its Newest Aircraft to the Fleet
Airways

American Airlines Cargo teams up with Airlink for Haiti aid flight

26th January 2023
No Increase In The Air Cargo Demand Post Holiday Season
Airways

No Increase In The Air Cargo Demand Post Holiday Season

19th January 2023
Cathay Pacific Cargo is first Asian carrier to offer Envirotainer Releye RLP container
Airways

Cathay Pacific welcomes quarantine-free travel and will more than double its flights to the Chinese Mainland

10th January 2023
Transport Advancement

About Us

Transport Advancement is a leading information centric website for latest updates within the industry. We cover Railway, Road Traffic, Airways, Shipping & Port and run with an objective to provide knowledge driven content to our readers and subscribers in various forms like news, projects, upcoming events.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack
  • Newsletter Subscription

System

  • Search
  • Site map
  • RSS Feed
  • Airways
  • Railway
  • Roadways
  • Shipping & Port

© 2022 Copyright Value Media Services 2022 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Articles
  • Press Statements
  • Market Reports
  • Events
  • Contact Us

© 2022 Copyright Value Media Services 2022 All rights reserved.