Over the span of one year, from December 3, 2022, to December 1, 2023, Kuwait’s project market sustained a prolonged decline, experiencing a reduction of $20 billion, equivalent to 10.2% of its total value. Data from the Med Projects Index revealed that by the end of December, the market recorded $178 billion in projects.
Contrastingly, the broader project market in the region exhibited unprecedented growth over the same period. The entire market’s value surged by 21.4% to surpass $3.76 trillion, with the GCC market expanding by 26% to reach $3.16 trillion. Notably, Saudi Arabia and the UAE played a pivotal role in this surge, achieving growth rates exceeding 31%, contributing over $590 billion in combined value. reports Al-Qabas daily.
Saudi Arabia, holding the position of the largest project market, added $425 billion, driven by expansion in the oil and gas sector and significant projects aligned with Vision 2030. The UAE’s project market expanded by $165 billion, with notable contributions from new oil and gas initiatives, real estate market recovery, and associated activities.
Oman emerged as the next most improved market, experiencing nearly 30% growth and adding $51 billion in project value. This growth was fueled by ambitious plans for multi-billion-dollar hydrogen projects in the Sultanate, surpassing the total value of active projects in Qatar.
Qatar’s project market demonstrated a growth of almost 10%, adding $19 billion in value, indicating a rebound in activity following a lull in the run-up to the 2022 FIFA World Cup. The Bahraini project market registered an approximately 17% increase, adding $10.5 billion in value.
Beyond the Gulf states, Iraq’s project market witnessed a 7.5% growth, contributing $22.6 billion in value. Conversely, the Iranian project market, still impacted by US sanctions, experienced a decline of 4.4%, losing nearly $13 billion in value.