KUWAIT IS THE GULF'S THIRD LARGEST PROJECT MARKET, ACCOUNTING FOR $211 BILLION

  • 19/06/2022

Kuwait City: MEED magazine revealed that Kuwait kept third place in the Gulf and fifth overall on the MEED magazine's index of Gulf projects for the second month in a row between May 6 and June 3 this year, recording $211 billion in contracts.


Saudi Arabia took first place with contracts worth 1.38 trillion dollars, followed by the UAE with contracts worth 637 billion dollars, and Qatar, Oman, and Bahrain in fourth, fifth, and sixth place in the Gulf, with contracts worth 182 billion dollars, 178 billion dollars, and 53 billion dollars, respectively. 

According to the magazine, the positive monthly trend for the Gulf projects market index continued in May, with seven of the eight markets tracked by the index recording record growth.

The index's value increased by 2.2 percent in the given time, reaching 3.38 trillion dollars, with the gain of 72 billion dollars from the previous month fueled by growth in the aforementioned seven markets. After being the greatest performer in May, Bahrain was the only market to experience a 6% drop in June, from $56.2 billion in May to $52.8 billion. 

Other Gulf markets performed better than Bahrain, with growth rates of 0.1 percent, 0.7 percent, and 0.8 percent in the month ending June 3rd, respectively. The UAE was the highest performer in the GCC, growing by 2.9 percent and adding $18 billion in value, followed by Saudi Arabia, which expanded by 2.6 percent and added $35 billion in value.

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