MEED magazine reported that the value of contracts awarded by Kuwait in September amounted to $50 million, ranking fourth in the Gulf and sixth regionally in ranking of the value of awarded contracts. In contrast, the UAE led the region in contract award activity in September, with its largest deal value in 2022.
The region as a whole saw $6 billion worth of contracts awarded in September, which means it recorded $16.3 billion in awards in the third quarter of the year, compared to $34.1 billion in the second quarter and $19.7 billion in the first, reports a local Arabic daily.
In contrast, deals worth $10.9 billion were signed in the third quarter of 2021, $18.3 billion in the second quarter, and $25.9 billion in the first. The UAE recorded $2.7 billion in contracts awarded in September, with the largest deal awarded by Abu Dhabi Ports worth $560 million to China Harbor Engineering for the second phase of its CMA terminals at Khalifa Port.
MEED indicated that there is increasing optimism in the Emirates, as the great drought in the contracts awarded in Dubai is expected to end in 2023, as the emirate has resumed two projects that were halted during the Corona pandemic, one of which includes building new lines to expand the Dubai Metro network, and the second consists of From the construction of the island, which will include 1,400 hotel rooms and apartments, in addition to retail units, food and beverage and recreational units.
Qatar, which ranked second in the September award rankings, recorded deals worth $1.5 billion. The largest was a $1.5 billion contract awarded by the Public Works Authority for a joint venture led by Metito to develop a public-private wastewater treatment plant to serve the Al Wakra and Al Wukair areas.
Egypt recorded the third largest amount of transactions allowed in September, with contracts worth $1.2 billion signed. The largest deals signed were two contracts worth $240 million signed by the Egyptian National Railways Industry Company with a team from El Sewedy Electric.
Meanwhile, regional heavyweight Saudi Arabia recorded $1.1 billion in awards in September. The largest contract signed was a $480 million deal by the state-owned Saline Water Conversion Corporation, to a local joint venture between Al Rashed Trading and Contracting and Bin Omira Holding Company to build reservoirs, pumping stations and water transmission pipelines at existing desalination plants.
This contract is just the tip of the iceberg, as Saudi Arabia has nearly $30 billion of pre-implementation water projects, and desalination is expected to be the largest sub-sector. There is optimism in other sectors as well, as the kingdom is reckoned to have a pipeline of projects ensuring contracts are awarded for at least a decade.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
