Construction Contracts in Saudi Arabia rise 25% in value in 2024 By Edmund Bower January 30, 2025, 3:42 PM Neom The largest overall project awarded in Saudi Arabia was the $4.7bn Neom Trojena Valley Cluster Dam, three dams to create a freshwater lake for the Trojena ski resort Record of $146.8 billion Saudi power contracts double UAE has two biggest contracts The value of contracts issued by Saudi Arabia rose by almost a quarter year on year in 2024 to reach a record high of $146.8 billion. The kingdom accounted for more than half of all contracts issued across the GCC, which reached a new high of $273.2 billion, according to a report by the Kuwait-based Kamco Investment Company. The growth in Saudi contracts was driven by the power, oil and gas sectors, which overtook the construction sector in terms of value. Contracts in the Saudi power sector doubled from $25 billion in 2023 to $55 billion in 2024, with a notable increase in renewable energy projects. Contracts in the gas sector almost doubled too, increasing from $9.9 billion to $19.1 billion. Projects awarded within the construction sector dipped by 10.6 percent to $28.4 billion, despite the influence of Vision 2030 megaprojects on the overall increase. Saudi Arabia is investing billions on projects across a range of sectors to support the diversification of its economy. Saudi Arabia’s STC to build $9bn telecom network Ma’aden signs $1bn contracts to develop industrial cities Tender for first phase of Oman industrial city issued Seven out of the 10 GCC contracts worth more than $2 billion were issued in Saudi Arabia. The biggest construction deal was a $3 billion contract signed with the National Housing Company. The largest overall project awarded in Saudi Arabia, and the third largest in the GCC, was the Neom Trojena Valley Cluster Dam. Italian company Webuild will construct three dams to create a freshwater lake for the Trojena ski resort, for an estimated $4.7 billion. Promotional material for the resort says it will feature 36 kilometres of ski runs and almost 4,000 hotel rooms, and intends to welcome 700,000 visitors a year by 2030. The two largest contracts issued in the GCC’s six members: Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain, were both in the UAE. The $5.6 billion Dubai Metro Blue Line contact was issued to a consortium of the Turkish conglomerates Mapa Group and Limak Holding and the Chinese rolling stock manufacturer CRRC. The $5.5 billion low carbon LNG terminal at Ruwais contract was issued to a joint venture between the French engineering company Technip Energies, the Japanese company JGC Holdings Corporation and the Abu Dhabi construction company NMDC Energy. The total value of Emirati contracts issued in 2024 was $84.1 billion, a 9.5 percent fall from 2023.