A Menacon data product
A monthly read on how fast the Saudi state is awarding money, built from Etimad tender records and updated as awards land.
Menacon Saudi Spending Index
Winning bid value of Etimad tenders, by month of publication, updated monthly.
Data through 28 August 2026
Latest month, estimated · July 2026
SAR 6.4bn
−40% vs July 2025
Year to date · Jan–Jul 2026
SAR 45.5bn
−13% a month vs Jul–Dec 2025
Inside the month
July 2025
SAR 10.7bn
Settled: all 3,553 awards from this month are in.
Open competition
93% SAR 9.9bn
Other routes
5% SAR 500m
Direct purchase
2% SAR 238m
Direct purchase is the majority of tenders and a sliver of the money.
Restaurant Activities and Catering Services
34% SAR 3.6bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
19% SAR 2.0bn
Information Technology
9% SAR 990m
Trade of new spare parts
7% SAR 757m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
4% SAR 432m
General construction contracts (construction and building public facilities) - General constructions
4% SAR 382m
All other sectors
23% SAR 2.5bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
August 2025
SAR 5.2bn
Settled: all 1,659 awards from this month are in.
Open competition
97% SAR 5.1bn
Other routes
2% SAR 112m
Direct purchase
1% SAR 51m
Direct purchase is the majority of tenders and a sliver of the money.
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
47% SAR 2.4bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
16% SAR 852m
Information Technology
8% SAR 399m
General Construction Contracts (Construction and Building Public Facilities) - Road Construction
7% SAR 359m
Trade of tools, machinery, and devices
3% SAR 183m
General construction contracts (construction and building public facilities) - General constructions
3% SAR 169m
All other sectors
16% SAR 840m
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
September 2025
SAR 8.2bn
78% of this has been confirmed so far; the rest is estimated from the 4,626 tenders the month published.
Open competition
94% SAR 7.7bn
Other routes
4% SAR 357m
Direct purchase
2% SAR 153m
Direct purchase is the majority of tenders and a sliver of the money.
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
33% SAR 2.7bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
15% SAR 1.3bn
Information Technology
10% SAR 841m
Security and Safety Activities
4% SAR 344m
Food Materials Trade
4% SAR 310m
Transportation and Storage Activities
3% SAR 247m
All other sectors
31% SAR 2.6bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
October 2025
SAR 7.7bn
42% of this has been confirmed so far; the rest is estimated from the 4,725 tenders the month published.
Open competition
96% SAR 7.4bn
Other routes
2% SAR 161m
Direct purchase
2% SAR 165m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
22% SAR 1.7bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
14% SAR 1.1bn
General contracting for buildings (construction, repair, demolition, restoration)
6% SAR 481m
General construction contracts (construction and building public facilities) - General constructions
6% SAR 471m
Security and Safety Activities
6% SAR 438m
Trade of tools, machinery, and devices
5% SAR 352m
All other sectors
42% SAR 3.3bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
November 2025
SAR 6.7bn
47% of this has been confirmed so far; the rest is estimated from the 3,480 tenders the month published.
Open competition
95% SAR 6.4bn
Other routes
3% SAR 215m
Direct purchase
2% SAR 128m
Direct purchase is the majority of tenders and a sliver of the money.
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
24% SAR 1.6bn
Information Technology
14% SAR 908m
General contracting for buildings (construction, repair, demolition, restoration)
10% SAR 688m
Electricity, Gas, Water, Steam, and Air Conditioning Supply
6% SAR 413m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
5% SAR 361m
General construction contracts (construction and building public facilities) - General constructions
5% SAR 338m
All other sectors
36% SAR 2.4bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
December 2025
SAR 6.2bn
39% of this has been confirmed so far; the rest is estimated from the 2,975 tenders the month published.
Open competition
96% SAR 6.0bn
Other routes
3% SAR 163m
Direct purchase
1% SAR 82m
Direct purchase is the majority of tenders and a sliver of the money.
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
19% SAR 1.2bn
Information Technology
17% SAR 1.0bn
Restaurant Activities and Catering Services
8% SAR 519m
General contracting for buildings (construction, repair, demolition, restoration)
7% SAR 448m
Electricity, Gas, Water, Steam, and Air Conditioning Supply
4% SAR 273m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
3% SAR 200m
All other sectors
41% SAR 2.6bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
January 2026
SAR 5.5bn
31% of this has been confirmed so far; the rest is estimated from the 3,117 tenders the month published.
Open competition
96% SAR 5.2bn
Other routes
3% SAR 140m
Direct purchase
2% SAR 105m
Direct purchase is the majority of tenders and a sliver of the money.
General construction contracts (construction and building public facilities) - General constructions
19% SAR 1.0bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
10% SAR 541m
Information Technology
9% SAR 479m
Trade of tools, machinery, and devices
5% SAR 299m
Trade in building materials and electrical and sanitary tools
5% SAR 257m
Trade of new spare parts
5% SAR 256m
All other sectors
48% SAR 2.6bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
February 2026
SAR 5.1bn
22% of this has been confirmed so far; the rest is estimated from the 3,529 tenders the month published.
Open competition
95% SAR 4.8bn
Other routes
3% SAR 169m
Direct purchase
2% SAR 108m
Direct purchase is the majority of tenders and a sliver of the money.
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
14% SAR 691m
Information Technology
13% SAR 660m
General construction contracts (construction and building public facilities) - General constructions
6% SAR 290m
General contracting for buildings (construction, repair, demolition, restoration)
6% SAR 285m
Trade of new spare parts
6% SAR 281m
Security and Safety Activities
4% SAR 224m
All other sectors
52% SAR 2.7bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
March 2026
SAR 6.2bn
18% of this has been confirmed so far; the rest is estimated from the 3,121 tenders the month published.
Open competition
96% SAR 5.9bn
Other routes
3% SAR 162m
Direct purchase
2% SAR 96m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
17% SAR 1.0bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
10% SAR 627m
Trade of new spare parts
6% SAR 387m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
6% SAR 374m
General contracting for buildings (construction, repair, demolition, restoration)
6% SAR 348m
Security and Safety Activities
4% SAR 254m
All other sectors
51% SAR 3.1bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
April 2026
SAR 8.9bn
27% of this has been confirmed so far; the rest is estimated from the 3,990 tenders the month published.
Open competition
95% SAR 8.5bn
Other routes
3% SAR 301m
Direct purchase
1% SAR 129m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
20% SAR 1.8bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
17% SAR 1.5bn
Trade of new spare parts
9% SAR 788m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
5% SAR 411m
Trade of tools, machinery, and devices
4% SAR 377m
General contracting for buildings (construction, repair, demolition, restoration)
4% SAR 335m
All other sectors
41% SAR 3.7bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
May 2026
SAR 6.4bn
10% of this has been confirmed so far; the rest is estimated from the 2,474 tenders the month published.
Open competition
96% SAR 6.2bn
Other routes
3% SAR 186m
Direct purchase
1% SAR 63m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
24% SAR 1.6bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
15% SAR 947m
Trade of new spare parts
7% SAR 454m
Trade of tools, machinery, and devices
6% SAR 395m
General contracting for buildings (construction, repair, demolition, restoration)
4% SAR 275m
Maintenance and repair services for devices, equipment, and machines
4% SAR 246m
All other sectors
40% SAR 2.6bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
June 2026
SAR 7.0bn
3% of this has been confirmed so far; the rest is estimated from the 2,506 tenders the month published.
Open competition
95% SAR 6.7bn
Other routes
4% SAR 265m
Direct purchase
1% SAR 65m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
23% SAR 1.6bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
13% SAR 914m
Trade of new spare parts
8% SAR 579m
Security and Safety Activities
7% SAR 470m
General contracting for buildings (construction, repair, demolition, restoration)
5% SAR 335m
Electricity, Gas, Water, Steam, and Air Conditioning Supply
3% SAR 223m
All other sectors
41% SAR 2.9bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Inside the month
July 2026
SAR 6.4bn
<1% of this has been confirmed so far; the rest is estimated from the 2,504 tenders the month published.
Open competition
96% SAR 6.1bn
Other routes
3% SAR 206m
Direct purchase
1% SAR 66m
Direct purchase is the majority of tenders and a sliver of the money.
Information Technology
20% SAR 1.3bn
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance
17% SAR 1.1bn
Trade of new spare parts
8% SAR 494m
Operation, Maintenance, and Cleaning of Facilities - Operation and Maintenance of Roads
6% SAR 365m
General contracting for buildings (construction, repair, demolition, restoration)
5% SAR 304m
Transportation and Storage Activities
4% SAR 266m
All other sectors
41% SAR 2.6bn
Splits are estimated on the same basis as the bar, not counted from what has settled. How this is calculated
Awards land over many months, so the last 11 months are incomplete: pale bars and the dashed line are Menacon estimates of where they end up. The last fully settled month, August 2025, closed at SAR 5.2bn. Source: Etimad, Menacon analysis.
| Month published | Confirmed value (SAR bn) | Estimated final value (SAR bn) | Tenders awarded so far | Estimated final award count | Status |
|---|---|---|---|---|---|
| Jul 2025 | 10.68 | — | 3,553 | — | Complete |
| Aug 2025 | 5.24 | — | 1,659 | — | Complete |
| Sep 2025 | 6.44 | 8.24 | 2,774 | 2,947 | Provisional |
| Oct 2025 | 3.26 | 7.74 | 2,732 | 2,940 | Provisional |
| Nov 2025 | 3.17 | 6.71 | 2,048 | 2,249 | Provisional |
| Dec 2025 | 2.40 | 6.22 | 1,562 | 1,855 | Provisional |
| Jan 2026 | 1.68 | 5.45 | 1,686 | 2,002 | Provisional |
| Feb 2026 | 1.11 | 5.11 | 1,806 | 2,273 | Provisional |
| Mar 2026 | 1.12 | 6.17 | 1,453 | 1,989 | Provisional |
| Apr 2026 | 2.41 | 8.89 | 1,836 | 2,559 | Provisional |
| May 2026 | 0.67 | 6.45 | 915 | 1,571 | Provisional |
| Jun 2026 | 0.18 | 7.02 | 779 | 1,588 | Provisional |
| Jul 2026 | 0.02 | 6.42 | 373 | 1,597 | Provisional |
Method, and what it cannot yet tell you
Every tender published on Etimad is grouped by the month it was published, not the month it was awarded. The value shown is the winning bid of those that have since been awarded. Grouping by publication is what makes this a read on commissioning tempo rather than on paperwork throughput.
A tender is awarded months after it is published, so the newest months are always understated and revise upward. About 62% of published tenders are eventually awarded, and the large ones settle last — a month takes far longer to reach its final value than the three to six months the sector assumes. That is why the headline above is an estimate rather than a count.
How much later depends on how the work was bought. Two months after publication, direct purchases have about 41% of their eventual value confirmed and open competitions have 2%. Reading a recent month by what has landed in it therefore describes the order the paperwork arrives in, not the market.
Each month is anchored on the tenders it published — a count that is known the moment the month ends and never revises. The estimate is what has been confirmed so far, plus what those published tenders are still expected to be worth. It is the Bornhuetter-Ferguson method from insurance reserving: it leans on how big the month was while the month is young, and converges on the observed figure as awards land. It never divides by the completion share, which is what stops a single early award in a fresh month implying a record-breaking total.
A published tender is not priced at the market average. It is priced by the agency that published it and the route it was bought through, from what that agency's tenders have historically been worth once settled. Most agencies publish too little for their own history to be trusted, so each one is weighted against the market average in proportion to how much evidence it has — the credibility weighting used in insurance pricing. Each route is then developed on its own curve, and the month is the sum of its parts.
Selecting a column decomposes it by route and by sector. Those shares are estimated on the same basis as the bar, not counted from what has settled — a counted split would report every recent month as mostly direct purchase, which is true of the tenders and false of the money. Direct purchase is roughly 65% of tenders published and 1–2% of value awarded.
Sectors come from Etimad's own activity classification, one per tender. The six largest by estimated value are named and the remainder is pooled, so the parts always sum to the month above them.
The record begins in July 2025, so only July has a counterpart twelve months earlier — that single month is the year-over-year reading beside the latest month, and it sets an estimate against a settled figure.
The year-to-date figure is the sum of the estimates for the months of the current year so far. It has no like-for-like counterpart yet: 2025 is on record only from July, so setting seven months of 2026 against six of 2025 would report a difference in window length as a fall in spending. Until the series covers the same months in both years, the comparison divides each side by its own length and compares monthly pace — which is why it is labelled "a month". Procurement is seasonal, so that is a weaker reading than a like-for-like one, and it upgrades on its own once the history reaches back far enough.
The Menacon Brief
Each new monthly reading goes out in The Menacon Brief, with a short note on what moved and why — alongside tender movements, regulatory shifts and hiring signals.