Kuwait’s project index rises to $193 billion, maintains 5th in GCC
![](https://timeskuwait.com/wp-content/uploads/2024/08/IMG_9310.jpeg)
MEED magazine reported that the Gulf Projects Index, including the GCC countries, Iraq and Iran, fell for the first time in 17 months by 1.2% in the five weeks between July 12 and August 16, breaking a 16-month streak of growth driven by a series of projects being tendered.
The index’s stability above the $4 trillion mark at $4.09 trillion comes after a record period of growth that saw the index rise by 21% throughout 2023, and 7% again so far in 2024, with the Iraqi Projects Index valued at $396 billion, followed by the Iranian Projects Index at $276 billion.
The GCC projects index crossed the $3 trillion mark for the first time, before rising to its current value of over $3.42 trillion. The Kuwaiti projects market index grew by 2.4% during that period to reach $193 billion, compared to $189 billion during the previous period, and thus Kuwait maintained its fifth place among the GCC countries.
Saudi Arabia came in first place with projects worth $1.89 trillion, followed by the UAE and Qatar in second and third place with projects worth $798 billion and $232 billion respectively, then Oman in fourth place with $227 billion, then Kuwait in fifth place, and Bahrain in sixth and last place with projects worth $69 billion.
Thus, the GCC projects index reached $3.42 trillion, down from $3.45 trillion and by 0.9% from the previous period. It is worth noting that Kuwait and Saudi Arabia were the only countries to record growth in the Gulf projects index for this period, with a growth rate of 2.4% for the former and 2.5% for the latter, while the remaining countries recorded a decline in the value of their indices at varying rates.