MEED magazine reported that the project market in the Gulf region is still more than 7 percent below its annual level, although the monthly index increased by 1.9 percent during October and November, equivalent to an increase of $59.1 billion.

Gulf countries recorded an increase in projects valued at $2.5 trillion, or 1.5 percent, by $36.5 billion during the four-week period between October 14 and November 11, reports a local Arabic daily.

Kuwait came third in the Gulf and fifth regionally, with a project market value that reached $201 billion as of November 11, 2022.

The projects market in the UAE recorded an important increase of 6.7 percent to reach $557 billion, thanks to the inclusion of new projects in the index, such as the second phase of the enhanced industrial chemicals complex in Abu Dhabi, and the planned centers of the Brazilian steel company “Vale” in the UAE, Saudi Arabia and Oman. New developments in the upper Zakum field in Abu Dhabi, at a value of $30 billion, also contributed to this increase, after it was previously frozen.

Another contribution to the increase in projects came from the reactivation of the southern gas project of the Basra Gas Company in Iraq, with a value of more than $17 billion, said the report.

The project market in Iran improved by 1 percent from $280 to $283 billion as a result of the 1,400-bed hospital project in Shiraz and the increase in budgets of several projects.

As for the largest market in the region, Saudi Arabia, it rose 0.7 percent to reach $1.4 trillion during the specified four-week period, representing 44 percent of the value of the projects market in the Gulf and 53 percent of the total market value of the Gulf countries.

On the other hand, the project market in Oman recorded a decline of 3.8 percent due to the freezing of some projects.

On an annual basis, the total value of the Gulf projects market decreased by 7.4 percent annually, from $3.4 trillion to $3.1 trillion.


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