The total value of contracts awarded in the Gulf Cooperation Council (GCC) reached a new high of USD 273.2 bln in 2024, an increase of 9.6 pct, compared to USD 249.4 bln in 2023, according to Kamco Invest Research.
The growth was mainly driven by project awards in Saudi Arabia and the UAE despite registering an annual dip in contract values, the consultancy said in its latest GCC Projects Market Report.
The power and oil sectors led the growth of project awards, recording USD 67 bln and USD 29.7 bln in contract awards, respectively.
On a quarterly basis, total GCC project awards reached USD 74.8 bln in the fourth quarter of 2024, the highest quarterly number over six years. Total contracts awarded in Saudi Arabia increased by 16.3 pct quarter-on-quarter (QoQ) in fourth quarter 2024 to USD 40.4 bln.
Aggregate projects awarded in Kuwait jumped by 237.4 pct YoY to USD 4 bln. However, contract awards in the UAE declined by 37.4 pct QoQ to USD 20.9 bln.
