THIRD KUWAITI PROJECTS MARKET IN GULF, WITH 206 BILLION DINARS

  • 24/08/2022

Kuwait City:  Kuwait retained for the fourth consecutive month the third place in the Gulf and the fifth regionally on the MEED magazine’s index of Gulf projects during the four-week period between the first of July 1 and August 5, with a value of 206 billion dollars, despite a decline of 0.96% from $208 billion of projects registered in the lead-up to it.


MEED magazine reported that Saudi Arabia ranked first with projects worth $1.34 trillion, followed by the UAE in second place with contracts amounting to $515 billion, then Qatar, Oman and Bahrain in the fourth, fifth and sixth Gulf positions with contracts worth $193 billion, $188 billion and $52 billion, respectively. straight.

The latest figures issued by MEED magazine showed that the Gulf projects index recorded a noticeable decline during the period between July 1 and August 5, by 8% compared to last month, which is the largest decline recorded by the index so far.

Project markets in Bahrain and Kuwait decreased by 2.16% and 0.96%, respectively, as the value of completed and canceled projects exceeded the value of new projects.

On an annual basis, the total market value of Gulf projects decreased by 9%, or approximately $303 billion, as Iraq and the United Arab Emirates recorded the largest decline for the full year since August 5, 2021, while Oman and Iran recorded increases, indicating that Iraq and the UAE were subject to the most important corrections by 17.7% and 35.8%, respectively, due to the reformulation of the budgets of some mega projects.

The magazine said that these declines in project values ​​do not necessarily reflect a significant downturn in the market today, but may represent a decrease in the course of planned projects in the future.

The value of the projects market in the Kingdom of Saudi Arabia increased by 0.18%, or about $2.1 billion, the Omani projects index recorded the highest growth by 2.43%, and the Qatar projects index rose by 0.62 or $1.2 billion.

The value of the projects index in Iraq amounted to 287 billion dollars, compared to 280 billion dollars for Iranian projects.

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