KUWAIT IS RANKED LAST IN PROJECT MARKETS

  • 15/09/2022

Kuwait City: According to the regional tracker Med Projects, Kuwait ranked last on the projects market among GCC countries and regionally, awarding only $28 million in contracts last August. According to MEED, Saudi Arabia remains a force to be reckoned with in the regional project market, as the kingdom makes progress toward Vision 2030 goals. In August, the kingdom signed $1.5 billion in contracts, with the largest contract worth $250 million signed by the local Umm Al-Qura Development and Construction Company with the local Arab Diar Company to build 10 residential towers in Makkah. 


In August, the Kingdom also witnessed the signing of four deals totaling $405 million on mega tourism projects. In total, $5.7 billion in deals were signed in the Middle East in August, with Egypt topping the list and Saudi Arabia and Qatar ranking second and third, respectively. The state oil company Aramco increased its capital spending by 25% to $9.4 billion in the second quarter of 2022, and by 8% to $16.9 billion in the first half of 2022, compared to the same periods in 2021. 

In March, Aramco announced plans to spend up to $50 billion on capital spending projects in 2022, with the goal of increasing oil exports. Qatar, which saw the highest value of deals signed in July at $1.1 billion, signed only half that value in August.

Related News

Kuwait Tops Global Hunger Index 2024 as Least Hungry Country
  • 04/02/2025
MoI: Implementation of new traffic fines on April 22
  • 04/02/2025
Kuwait Council of Ministers Holds Weekly Meeting at Bayan Pa ...
  • 04/02/2025
Kuwait population increases every 5 minutes
  • 03/02/2025
Kuwait Stabilizes Market Ahead of Ramadan
  • 29/01/2025
Kuwait Arrests Egyptian Expat for Forging Medical Documents
  • 29/01/2025
Kuwait Ministry of Education Cuts School Bag Weight by 50%
  • 27/01/2025
Security campaigns in Jleeb and Ahmadi
  • 27/01/2025
Kuwait introduces new housing standards for workers
  • 26/01/2025
2 Young Men Killed in Saad Al-Abdullah Car Crash
  • 26/01/2025
Women’s Health Index: Kuwait ranks 1st in Middle East, 2nd ...
  • 26/01/2025
Kuwait Announces 3-Day Holiday for Isra Wal Miraj
  • 25/01/2025