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Middle East and North Africa (MENA) region recorded an estimated $24.7 billion in contract awards in May 2024
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Saudi Arabia topped the region in May by signing deals worth $9.3 billion, a significant increase compared to the $4.6 billion recorded in April.
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Iraq was the second most active project market in the MENA region during May, recording $8.2 billion in contracts awarded.
MEED magazine reported that the Middle East and North Africa (MENA) region recorded an estimated $24.7 billion in contract awards in May 2024, marking a significant increase from the weaker activity in the previous three months. This surge was driven by billions of dollars in contracts in Saudi Arabia, Iraq, and Algeria, according to reports in Al Anba newspaper.
Kuwait was among the countries that exceeded the billion-dollar threshold in contract awards for the month of May, thanks to deals worth $1.1 billion. The largest contract signed was a $343 million deal to implement the third package of the Kuwait Medical City project.
The Kingdom of Saudi Arabia topped the region in May by signing deals worth $9.3 billion, a significant increase compared to the $4.6 billion recorded in April. Iraq was the second most active project market in the region during the month, recording $8.2 billion in contracts awarded.
Algeria recorded contracts worth $2.7 billion to develop three gas booster stations and modernize the gas gathering system.
The United Arab Emirates saw deals worth $2.4 billion in May, a sharp decline from the $8.4 billion recorded in April. Tunisia also recorded contracts worth $435 million.
Bahrain awarded a $98.7 million contract for construction work in the third package of the Busaiteen Link Plan, the largest in May.
The Sultanate of Oman awarded deals worth $210 million in May, while Egypt awarded a $140 million deal during the same period.
