The projects market in Kuwait has experienced significant growth, reaching a total value of $179 billion, marking a 5.7% increase amounting to $9.6 billion from October 13 to November 17, reported Al-Qabas Daily.
The revival of feasibility studies for the planned $10 billion Al-Zour petrochemical complex by Kuwait Petroleum Corporation has contributed to this surge, according to MEED Projects, a regional project tracker.
The overall Gulf projects index has also seen consistent growth for nine consecutive months, rising by 2.4% or $85.5 billion during the same period. The dominant contributor to this growth was the Saudi market, which expanded by 3.4% and added $57.9 billion in value.
The upward trajectory in Saudi Arabia was fueled by an increase in active projects and an upward revision of existing project budgets. The Saudi Power Procurement Company began pre-qualifying four power generation projects with a combined value of $4.7 billion.
Additionally, there was an announcement regarding a study for establishing a $1.4 billion combined cycle power plant with a capacity of 1,200 megawatts in Rabigh. Petro Rabigh, a major petrochemical producer, has also revitalized its $3.5 billion project and is now inviting applications for preliminary engineering and design work.
Meanwhile, the project market in the Emirates recorded a value growth of $13.2 billion, expanding by 2.1%. The Emirates Water and Electricity Company initiated the study phase for an independent water venture worth approximately $1 billion in Ruwais. The Emirates Group, on the other hand, announced plans to establish an engineering facility in Dubai World Central, with an approximate value of one billion dollars.
In Bahrain, the utility project sector witnessed remarkable growth as the Electricity and Water Authority announced a study for the Floor 3 Independent Water and Power Project, valued at $1.5 billion.
Consequently, the projects market in Bahrain grew by 2.1%. In the Sultanate of Oman, the project market expanded by 1.8% or $3.7 billion. However, Qatar experienced a slight decline in its project market, losing $0.9 billion or 0.4%. Outside of the Gulf Cooperation Council (GCC), Iraq’s project market witnessed a $1 billion increase, marking a growth of 0.3%. Conversely, Iran’s project market declined by $0.5 billion or 0.3% in value.