MEED magazine reported that the contracts awarded in the Gulf Cooperation Council countries witnessed an annual increase during the month of January, as the projects market showed some signs of recovery at the beginning of the year, pointing out that these contracts are still lower than the pre-Corona levels.

The data issued by the ‘Med Projects’ index, which tracks regional projects, show contracts worth $6.02 billion were awarded in the Gulf countries during the month of January, which represents a 21 percent increase over the 4.96 billion dollars’ worth contracts awarded during January 2021, reports Al-Rai daily.

The magazine noted that the total of January 2022 awards is about 40 percent lower than the total recorded during January 2020 when there was $11.15 billion worth of contracts, and performance in 2020 was consistent with previous years, with a total average of $12.34 billion of awards for January in the five years preceding the pandemic.

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