The market value of projects in Kuwait expanded by $1.6 billion, or 0.9%, to $195 billion during the four weeks from, November 8 to December 6, according to MEED, ranking fifth in the Gulf.
The GCC Projects Index grew by 0.5% in the same period, maintaining its positive growth trajectory for the fourth consecutive month. The market accumulated a value of $20.1 billion, led by the growth in the UAE projects market, alongside a broader expansion across most GCC markets.
The UAE projects market alone added $15 billion in value, expanding by 1.8%. This led to an upward revision in the valuation of the Etihad Rail high-speed network, with the first phase now in the prequalification stage. This includes civil works packages worth $3.5 billion for the Abu Dhabi section, a $2.5 billion package for the Dubai section, and a $1 billion package for rolling stock.
The market that saw the largest increase in value was Oman, which expanded by 1.9% or $4.4 billion, largely driven by the specifications and valuation of the new $3.8 billion LNG train set to be developed by Oman LNG.
Bahrain’s projects market also grew by 1.7%, adding $1.1 billion in value. Saudi Arabia’s projects market remained stable, rising by just 0.1% but still adding $2.2 billion in value. Meanwhile, Qatar’s smaller projects market contracted by 0.1%, resulting in a decline of $0.1 billion.
Overall, the GCC projects market expanded by $24 billion or 0.7%. The two non-GCC countries in the GCC index had little impact on the overall net growth in market value, with Iraq’s projects market declining by 0.8% or $2.9 billion, and Iran’s market contracting by 0.5% or $1.2 billion.
Source: Al Qabas
