MEED magazine reported that the projects market in Kuwait grew by 0.3 percent from May 12 to June 9, to reach $175 billion.
Kuwait came fifth in the GCC projects market index in terms of value, after Saudi Arabia, the UAE, Oman and Qatar, reports Al-Rai daily.
MEED reported that the Gulf projects index rose by 2.3 percent during the period from May 12 to June 9, from $3.28 trillion to $3.36 trillion, reflecting a growth of $75 billion in the value of active projects tracked by the magazine in the market.
Saudi Arabia, the largest economy in the region, contributed most of this value at $71.4 billion, representing a 4.7 percent growth in its projects market from $1.51 trillion to $1.58 trillion.
On the other hand, the magazine pointed out that the performance of other Gulf countries was more sluggish, as the UAE market, which is the second largest project market in the region, grew by only 0.5 percent, adding $2.6 billion to the value of projects, and the project market in Qatar grew by 0.7 percent. percent, Kuwait by 0.3 percent, and Bahrain by 0.6 percent, while Oman witnessed a marginal contraction of 0.1 percent.
Outside the GCC, the Iranian project market shrank by a larger 1 percent, losing $2.7 billion in project value, while Iraq’s project sector grew by a modest 0.4 percent, adding $1.4 billion to project value.
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