MEED magazine revealed that from April 8 through May 6, the value of the Gulf Projects Index grew 0.4 percent from 3.2 trillion to 3.3 trillion dollars.
It added the growth of 15.6 billion dollars was driven by a 0.26 percent improvement in the value of the projects market in the Gulf countries, which grew from 2.5 billion in April to 2.6 billion dollars in May.
MEED indicated that the Kuwaiti projects market was among the markets that recorded growth during the mentioned period, after it grew by 2.3 percent to $210.8 billion, ranking third in the Gulf after Saudi Arabia and the UAE in the value of projects.
The magazine added that 5 of the eight markets that were tracked on the index recorded gains in this period, noting that Bahrain was the best performer, as the value of its projects rose 8.6 percent from 51.8 billion in April to 56.2 billion dollars in May.
He pointed out that the market value of Iraq grew 2% to 451.8 billion, while the UAE and Qatar recorded a growth of 0.24 and 0.03%, respectively.
In contrast, Oman was the worst performing regional market, with its value declining by 1.9 percent to 176.6 billion in May from 180 billion in April.
Saudi Arabia and Iran recorded a slight decrease of less than 1 percent each over the tracking period, largely due to project scope and budget revision. At the same time, Saudi Arabia witnessed upward reviews of some tourism projects.
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