Kuwait’s projects market shrinks by $14.9 bln, slips to fifth in Gulf rankings
Kuwait’s projects market contracted by approximately $14.9 billion, marking a -6.8% decline, with the total market value dropping to $205 billion during the period from May 16 to June 13, 2025.
This placed Kuwait fifth among Gulf Cooperation Council (GCC) countries in terms of active project market size.
In contrast, the overall Gulf Projects Index recorded growth for the third consecutive month, rising by 0.9% to reach $39.3 billion.
The United Arab Emirates and Oman were the primary drivers of this growth, collectively adding $92 billion in value. However, contractions in six other Gulf markets—including Kuwait — offset some of these gains, according to a report published by the MEED magazine.
The UAE led the surge, expanding by 7.6%, or $72 billion, largely propelled by the announcement of a $40 billion artificial intelligence complex in Abu Dhabi by G42, a joint initiative with the US government.
Oman followed with a 7.1% increase (around $20 billion), thanks to a revised valuation of the “Blue City” project and progress on the Duqm green ammonia plant, alongside a feasibility study for an Oman-Yemen electricity grid link.
Meanwhile, Saudi Arabia and Iran saw the steepest declines, losing $16.7 billion and $12.3 billion, respectively, as completed projects were removed from the index.
Notably, Kuwait and Bahrain were the only Gulf countries with May contract awards below the multi-million-dollar mark. Bahrain signed a $50 million road project, while Kuwait awarded three contracts in the construction and electricity sectors totaling $42 million.
