According to regional projects tracker ‘MEED Projects’ the value of Kuwait’s active projects market increased by approximately 7.9%, reaching $194 billion during the period from November 17, 2023, to November 15, 2024.
MEED magazine reported that the Gulf Projects Index, which tracks the regional projects market in the Middle East and North Africa, saw a 10.8% increase in the value of active projects over the past year.
This increase, equivalent to about $442 billion, continues the expansionary trend of recent years as Gulf countries launch ambitious new plans for vital infrastructure and strategic development. The growth is primarily driven by project activity in the UAE and Saudi Arabia.
The expansion over the past year builds on a previous 12-month period of growth, during which the regional projects market grew by 20% to exceed $3.7 trillion, while the Gulf market expanded to $3.1 trillion.
As of November 15, after another 12 months, the total value of the regional projects market surpassed $4.1 trillion, with the Gulf projects market reaching $3.5 trillion.
In percentage and value terms, the market expansion over the past 12 months was primarily driven by activity in the UAE projects market, which grew by 24.8%, or $205 billion.
This growth was led by the revival of the $40 billion expansion plans for Al Maktoum International Airport and the development of reactors 5, 6, 7, and 8 at the Barakah Nuclear Power Plant, with a combined value of $20 billion.
Saudi Market
The Saudi projects market added the second-largest value, at $146 billion, growing by 7.6%. This expansion was driven by the launch of government-led megaproject packages as part of the Kingdom’s Vision 2030; the 2034 FIFA World Cup; and other development goals. While the pace of activity was slower than the previous year, it is expected to accelerate again in 2025.
The Omani and Qatari projects markets saw increases of 11.9% and 9.6% in value, respectively, contributing to strong performance across the GCC countries. However, Bahrain’s market contracted by 10.6%.
Outside the Gulf States, the size of the Iranian projects market remained largely unchanged, while the Iraqi projects market grew by 8.6%, adding $31.7 billion in value.
Al Qabas
