Fourth Quarter Of 2021 Sees Increasing Activity In Gulf Projects Market; Kuwait Chips In With Worth $12 Billion

Trade Arabia reported that Saudi Arabia and Kuwait lead the $1.6 trillion Gulf projects market, of which more than 21 thousand were active projects in the third quarter of 2021, and these projects derive their impetus mainly from Saudi Arabia and the United Arab Emirates, which dominated the execution scene projects according to the Projects Journal BNC, which is specialized in monitoring projects.

The periodical said in its report entitled “2022 – The Green Year” that construction activity in Kuwait rose significantly in the last quarter of 2021, as new projects worth $9.9 billion were unveiled, making it the best quarter in the past two years, according to the aforementioned report, reports Al-Anba daily.

The report stated that Kuwait was able to award projects worth $1.8 billion, and completed projects worth $12 billion in the mentioned quarter supported by activities in the last quarter, the list of announced projects expanded nearly 6-fold year on year to reach $11.3 billion and annual project awards exceeded $4 billion, which equates to a growth of 17% year-on-year.

The BNC Index of Energy Projects in the GCC grew by 5% year-on-year, with new schemes announced worth $62.1 billion in 2021. The Energy Projects Awards Index registered a 37% year-on-year growth and recorded awards worth $750 million during the year.

The growth in the energy sector offset the decline observed in the urban enterprise sector, which was shrinking according to the BNC Urban Index.

Commenting on these findings, Avin Gidwani, CEO of Industry Networks, said: “The energy revolution covers not only power generation, but also energy transmission and use, making it a movement that permeates almost every field.

Green energy leaders will be the leaders of tomorrow across more than just energy.”

 

SOURCE  :  TIMES KUWAIT

Comments Post Comment

Leave a Comment

Submit