The MEED magazine reported that the Gulf Projects Index (MED Projects), which includes the countries of the Gulf Cooperation Council, Iran and Iraq, grew by 3.5 percent from February 10 to March 17, rising by $109 billion to $3.22 trillion, reflecting gains that recovered losses from the previous month amounting to $70 billion.
However, the project market in Kuwait recorded the largest decline among the GCC markets, falling by 3.6 percent or $6.4 billion, with a market value of $171 billion as of March 17. It ranks fifth in the Gulf in terms of size after Saudi Arabia, the UAE, Oman, and Qatar.
The Saudi projects market led the rise in the MED Projects index, growing by 7.5 percent, or $103.4 billion during the period. The projects market in the GCC countries grew by 4.8 percent, or $121.7 billion, with a value of $2.65 trillion, while other Gulf markets, Iran and Iraq, fell and impacted the overall growth.
Bahrain’s project market witnessed the strongest growth, reaching 8.9 percent, an increase of $6 billion, while the UAE project market grew by 4.3 percent, or $22.7 billion, during the period. The project market in Qatar decreased by 2.4 percent, or $4.4 billion, while the Omani projects market maintained its stability with a growth of 0.2 percent.