Kuwait adds $5.2 billion, ranks 5th in Gulf mega-projects drive market expansion

Kuwait ranked fifth among Gulf countries in terms of project value growth during the five-week period from January 9 to February 13, recording a 2.4 percent increase after adding projects worth approximately $5.2 billion, according to a recent report issued by MEED magazine.

The report noted that the Gulf Projects Index continued its upward trajectory for the eleventh consecutive month during the same period, rising by 4.6 percent to reach a total value of about $215 billion.

The expansion was primarily driven by the launch of major new projects in Saudi Arabia and the United Arab Emirates.

According to MEED, Saudi Arabia led regional growth after adding projects valued at $104 billion, expanding its market size by 5 percent — the strongest increase recorded since March 2023, reports Al-Jarida daily.

Among the most prominent developments was the launch of the $26 billion “New Dammam” mixed-use waterfront project by Adel Real Estate. The report also highlighted the revival of the $30 billion Jeddah public transport program following the resumption of design work on the Jeddah Blue Metro line.

Project assessments further reflected strong momentum from Humain’s planned 6-gigawatt artificial intelligence data center developments, alongside progress in the Saudi “Land Bridge” railway project linking key economic hubs across the Kingdom.

The UAE recorded the largest expansion in its history, with the projects market growing by 8.9 percent and adding $103 billion. This surge was fueled by announcements of major master-planned developments, including the $27 billion Zaabeel District project within the Dubai International Financial Centre, the $27 billion Sobh Sanctuary project in Dubai, and the $10 billion Tiger Downtown Ajman project.

In addition, the expansion of the Upper Zakum oil field by the Abu Dhabi National Oil Company was valued at around $17 billion, further supporting market growth.

Outside these major gains, Iraq’s projects market recorded moderate growth of 2.4 percent with additions totaling $10 billion. In contrast, Oman’s market declined by 2.1 percent following the closure of projects valued at $7.1 billion.

Meanwhile, project markets in Qatar, Bahrain, and Iran witnessed only marginal adjustments, with changes not exceeding 1 percent.