Kuwait’s projects market expanded by 1.7%, adding $3.6 billion in value during the five-week period from November 7 to December 12, bringing the total value of projects in the country to $219 billion, according to the MEED Gulf Projects Index.
The index recorded its ninth consecutive month of growth over the same period, rising by 0.7% to a total value of $30.5 billion. The expansion was primarily driven by strong performance in Saudi Arabia’s projects market, supported by increased activity in Iraq, while growth across the rest of the Gulf remained mixed, reports Al-Qabas daily.
Saudi Arabia’s projects market grew by 0.9%, adding $18 billion to the index. This was largely driven by the announcement of several new projects, most notably a $5 billion initiative by Humain, a subsidiary of the Public Investment Fund, to develop 6 gigawatts of artificial intelligence data center capacity by 2034.
Iraq also recorded significant growth, adding $13 billion in project value, representing a 3.3% increase due to the relatively smaller size of its projects market. The growth followed the Iraqi government’s approval of a $12 billion program comprising five new gas-fired power generation projects.
Elsewhere in the Gulf, Qatar’s projects market expanded by 1.9%, adding $4.6 billion, while the UAE’s market remained largely stable, growing by just 0.1%, or $1.4 billion. Iran’s projects market also posted modest growth, increasing by 0.5%, or $1.2 billion.
In contrast, Oman’s projects market declined by 1.6%, equivalent to $5.4 billion. The sharpest contraction was recorded in Bahrain, where the market fell by 10.6%, or about $6.1 billion, following the completion of Bapco’s $5 billion refinery modernization project.
The exit of this major project, in the absence of immediate replacement schemes, resulted in a marked reduction in the total value of projects under implementation, creating a significant gap in Bahrain’s contracting market.
