Kuwait Loses $20 Billion On The Projects Market

From December 3, 2022, to December 1, 2023, Kuwait's project market suffered a prolonged decline, losing $20 billion, or 10.2% of its total value. According to the Med Projects Index, $178 billion in projects were completed by the end of December.

The broader project market in the region, however, experienced unprecedented growth over the same period. The entire market’s value surged by 21.4% to surpass $3.76 trillion, with the GCC market expanding by 26% to reach $3.16 trillion. Notably, Saudi Arabia and the UAE played a pivotal role in this surge, achieving growth rates exceeding 31%, contributing over $590 billion in combined value. Al-Qabas daily reports.

Saudi Arabia, the world's largest project market, added $425 billion, largely due to expansion in the oil and gas sector. The UAE’s project market expanded by $165 billion, with notable contributions from new oil and gas initiatives, the real estate market recovery, and associated activities.

With nearly 30% growth and $51 billion in project value added, Oman was the second most improved market. This growth was fueled by ambitious plans for multi-billion-dollar hydrogen projects in the Sultanate, surpassing the total value of active projects in Qatar.

The project market in Qatar expanded by almost 10%, adding $19 billion in value, showing a rebound following a lull leading up to the FIFA World Cup in 2022. The Bahraini project market registered an approximately 17% increase, adding $10.5 billion in value.

Beyond the Gulf states, Iraq's project market contributed $22.6 billion in value to the overall market. Conversely, the Iranian project market, still affected by US sanctions, saw a decline of 4.4%, losing nearly $13 billion.

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