meed-logo

line1 line2 line3
SIGN IN / REGISTER

2024 breaks all project records

10 January 2025

 

Register for MEED's 14-day trial access 

Last year was the best year on record for the GCC projects market as the region continues to enjoy unprecedented levels of capital expenditure across all sectors. 

According to data from the MEED Projects project-tracking platform, a total of $264bn-worth of contracts were awarded last year, some 6.5% higher than the previous record of $248bn set in 2023, and more than double 2022’s $124bn number.

Saudi Arabia was once again the largest market, with $144.3bn-worth of contracts let, the highest total ever recorded by a single country in the region. This represented a rise of 22.3% on the $118bn-worth of contracts awarded in 2023 – itself a record – and underlines the kingdom’s commitment to its transformative Vision 2030. 

The UAE was the second-largest market in the GCC, with $81.3bn-worth of contract awards. This marked a decline of 12.1% on the previous year, but was still its second-highest annual total and far above its $46.9bn 10-year average.

The other four GCC projects markets recorded much lower contract award totals, although Kuwait and Oman, at $9.2bn and $11.3bn, respectively, posted their best numbers since 2017.

By sector

In terms of sectors, construction remains the single-largest market segment, with $72.8bn-worth of signed contracts, a fall of 10.5% from 2023’s record number. It was almost matched by the power sector, which had the highest number of deals ever, at $64.4bn, driven primarily by a considerable increase in new renewable energy schemes.

Record levels of expenditure were also seen in the transport and infrastructure and oil segments, with respective project totals of $32.3bn and $28bn.

New paradigm 

Last year’s performance dispels any notion that the sharp rise in project expenditure in 2023 was an outlier and demonstrates the region’s new paradigm for projects activity. 

The sole exception remains Qatar, which has struggled to repeat the levels of spending seen in advance of the 2022 Fifa World Cup. In 2024, it awarded some $15.7bn-worth of contracts, below its $17.5bn 10-year average.

The past two years have been marked by a unique convergence of heavy hydrocarbons, real estate and utilities spending, ensuring that stakeholders across all market segments have benefitted from the increased expenditure.

This has been reflected by the sectoral diversity of 2024’s largest projects.

Leading the way was the $5.6bn contract to design and build Dubai Metro’s Blue Line, which was awarded in December to a Turkish/Chinese consortium. It was closely followed by a $5.5bn deal to build Adnoc’s liquefied natural gas terminal in Ruwais, while the $4.7bn Trojena main dam contract at Neom, awarded to Italy’s Webuild, rounded off the top three. 

Other top 10 signed projects last year include the second phase of Qatar’s North Field Production Sustainability programme ($4bn), the high-voltage direct current scheme interconnecting the three major Saudi Electricity Company operating areas ($3.7bn), the 3,600MW Qurrayah combined-cycle power plant ($3.6bn), also in the kingdom, and its National Housing Company’s 20,000 housing unit deal ($3bn).

Leading contractors

In terms of the top contractors by value of work won in 2024, China’s Sepco 3 led the way in the oil, gas, power, water and industrials market segments, with an estimated $9.1bn-worth of awarded contracts. 

This is the first time a Chinese contractor has ranked first in any given year, reflecting the increasing dominance of Chinese firms in the GCC projects market. 

Other international engineering, procurement and construction contractors in the top 10 include Italy’s Saipem, India’s Larsen & Toubro, South Korea’s Samsung E&A and Spain’s Tecnicas Reunidas.

Two regional contractors appear in the rankings. Saudi Arabia’s Alfanar Projects is in sixth place at $5.5bn, followed by Abu Dhabi’s NMDC in ninth position at $4.1bn.    

On the civil construction side, covering the construction and transport sectors, China State Construction Engineering Corporation is ranked first with $5.2bn of awarded work. In second and third place are Saudi Binladin Group and its compatriot Modern Building Leaders, with $3.5bn and $2.5bn, respectively. 

Rounding off the top five are two other Chinese firms: CRRC Corporation and China Harbour Engineering Company. 

Gigaproject expenditure

Another notable feature of the market last year was the performance of Saudi Arabia’s gigaprojects. While the $850bn-plus gigaprojects programme has made headlines in recent years, spending on Public Investment Fund subsidiary and other similar major government expenditure drives was actually down on 2023. 

After year-on-year growth in the five years up to 2023, when just under $33bn-worth of gigaproject contracts were awarded, in 2024, the total fell by 40% to just $20.2bn. This confirms the slowdown in gigaproject activity following the pause and reprioritisation in the programme reported early last year.

At this stage, it is unclear if the programme will continue at its previous pace, with some observers saying Riyadh will focus on its event-driven developments, such as the 2030 World Expo and 2034 Fifa World Cup. 

However, if gigaproject expenditure does accelerate from its 2024 levels, then Saudi Arabia and the regional projects market as a whole could potentially reach even greater heights in 2025.

Published on 31 December 2024 and distributed to senior decision-makers in the region and around the world, the MEED Yearbook 2025 includes:

> GIGAPROJECTS INDEX: Gigaproject spending finds a level

The MEED Yearbook 2025 country data files include:

Algeria databank

Bahrain databank

Egypt databank

Iran databank

Iraq databank

Jordan databank

Kuwait databank

Morocco databank

Oman databank

Qatar databank

Saudi Arabia databank

Tunisia databank

UAE databank
https://image.digitalinsightresearch.in/uploads/NewsArticle/13248230/main.gif
Edward James

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Chinese firm announces $1.9bn Abu Dhabi renewables contract

    23 March 2026

    China Power Construction Corporation (PowerChina) has announced details of a contract signed for the engineering, procurement and construction (EPC) works on part of Abu Dhabi’s $6bn round-the-clock solar and battery storage project.

    The independent power project (IPP) will combine 5.2GW of solar photovoltaic (PV) capacity with 19GWh of battery storage. Last October, Emirates Water & Electricity Company (Ewec) and Abu Dhabi Future Energy Company (Masdar) broke ground on what will be the world’s largest combined solar and battery energy storage system (bess), designed to supply 1GW of round-the-clock power.

    India’s Larsen & Toubro and Beijing-headquartered PowerChina were awarded the EPC contract for the project last year, with PwC Middle East advising Ewec on financial structuring.

    According to the Chinese firm, the full project has been divided into two blocks, north and south, indicating at least two major packages. 

    PowerChina’s contract, valued at about $1.9bn, covers the northern block of the project, which includes 2.1GW of DC-side PV installations and a 7.75GWh bess. The scope includes the design, procurement and construction of substations, PV facilities and battery energy storage systems.

    Located in the Mshayrif area of Abu Dhabi, the wider project is designed to supply steady delivery of power between April and October each year, the UAE’s peak electricity demand season due to cooling loads.

    This includes serving large energy users that require 24/7 clean electricity, such as fast-growing data centre operators and technology firms driving artificial intelligence deployment in the region.

    Ewec will act as the offtaker under a long-term power purchase agreement.

    MEED previously reported that China’s CATL (Contemporary Amperex Technology Co), Jinko Solar and JA Solar will supply the bess and PV modules, with Jinko and JA each providing 2.6GW of modules. 

    The project will avoid 5.7 million tonnes of CO₂ emissions annually and provide enough clean energy to power nearly half a million homes.

    Construction is expected to be completed in 2028.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16083288/main.jpg
    Mark Dowdall
  • Kuwait tenders major infrastructure packages

    23 March 2026

     

    Kuwait’s Ministry of Public Works (MPW) has tendered several contracts for infrastructure works across various parts of the country.

    The first tender covers the construction of rainwater drainage systems in the Sabah Al-Ahmad South, Sabah Al-Ahmad, Al-Khairan and Al-Wafra residential areas.

    The second tender includes the construction of a treated water system in Kuwait’s southern region.

    The third tender covers the construction of a treated water system in Kuwait’s northern region.

    The final tender covers the construction of roads, bridges, stormwater drainage, sewage and other services for a section of the Kabd-Sulaibiya Road, as well as a section of the Kabd-Sulaibiya industrial road link.

    MPW issued all of these tenders on 22 March, with a bid submission deadline of 21 April.

    UK analytics firm GlobalData expects Kuwait’s construction industry to grow by 5.1% in 2026-29, supported by government investment in the oil and gas sector aimed at raising production, as well as investment in the infrastructure sector.

    In the short term, growth will be boosted by planned expenditure under the 2025-26 budget, which was approved in March 2025.

    The construction industry in Kuwait is expected to record an annual average growth rate of 4.9% in 2026-29, supported by investments in renewable energy, transport, and oil and gas projects.

    The commercial construction sector is expected to grow by 4.8% in 2026-29, supported by public and private sector investment in the construction of hotels, retail outlets and office buildings.

    READ THE MARCH 2026 MEED BUSINESS REVIEW – click here to view PDF

    Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

    Distributed to senior decision-makers in the region and around the world, the March 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16083252/main.jpg
    Yasir Iqbal
  • Qiddiya tenders new infrastructure package

    23 March 2026

     

    Saudi Arabian gigaproject developer Qiddiya Investment Company (QIC) has tendered a contract inviting firms to bid for new infrastructure works in Qiddiya Entertainment City.

    The scope covers two infrastructure development packages in District 0 of Qiddiya Entertainment City, including the construction of four event park-and-ride facilities.

    The tender was issued on 11 March, with a bid submission deadline of 22 April.

    Lebanese firm Dar Al-Handasah and Saudi-based Sets International are serving as project consultants.

    QIC is accelerating plans to develop additional assets at Qiddiya City. Earlier this month, the company set a 16 April deadline for firms to submit prequalification statements for the Qiddiya high-speed rail project in Riyadh.

    Previously, MEED reported that QIC had received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.

    The project will cover an area of more than 105,000 square metres (sq m).

    Last month, QIC started the main construction works on its performing arts centre at Qiddiya Entertainment City.

    The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks, and Aquarabia.

    In December last year, QIC officially opened the Six Flags theme park to the public.

    The theme park covers an area of 320,000 sq m and features 28 rides and attractions, 10 of which are thrill rides and 18 designed for families and young children.

    The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.

    The kingdom’s tourism sector posted record-breaking numbers last year, with over 130 million domestic and international visitors entering the kingdom, representing a 6% increase over 2024.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16083013/main.jpg
    Yasir Iqbal
  • Kuwait’s Mina Al-Ahmadi refinery attacked

    23 March 2026

    Register for MEED’s 14-day trial access 

    Several units were shut down at Kuwait’s largest oil refinery after it was hit by drones as Iran targeted energy infrastructure across the Gulf, according to a statement from state-owned Kuwait Petroleum Corporation (KPC).

    Fires broke out across multiple units at the Mina Al-Ahmadi refinery in the morning of 20 March 2026 following the attack.

    The refinery normally processes about 730,000 barrels of oil a day.

    There were no casualties as a result of the attack, according to KPC.

    Kuwait’s oil and gas sector has been severely disrupted by the ongoing regional conflict.

    On 10 March, MEED revealed that the state-owned upstream operator Kuwait Oil Company (KOC) was operating with just 30% of its total workforce in their normal workplaces.

    Earlier in the month, KPC also declared force majeure due to difficulties transporting oil and gas through the Strait of Hormuz caused by the conflict.

    Force majeure, a French term meaning “superior force”, is a clause included in many international commercial contracts. It allows companies to suspend contractual obligations when extraordinary events occur beyond their control.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16067425/main.gif
    Wil Crisp
  • Iraq declares force majeure on foreign-operated oil fields

    23 March 2026

    Register for MEED’s 14-day trial access 

    Iraq has declared force majeure on all oil fields developed by foreign oil companies as the US and Israel’s war with Iran disrupts navigation through the Strait of Hormuz.

    The initial attack and Iran’s response have slashed Iraq’s exports.

    Prior to the war starting on 28 February, Iraq was exporting between 3.3 and 3.5 million barrels a day of crude oil.

    Oil sales account for nearly 90% of Iraq’s government revenues.

    Earlier this month, two drone strikes hit infrastructure at Iraq’s Majnoon oil field, increasing security concerns in the country’s energy sector.

    One of the drones hit a communications tower, and the other hit the office of the US engineering company KBR.

    There were no casualties as a result of the attacks.

    Foreign workers were evacuated from the site days after the US and Israel’s war with Iran started, and only Iraqi staff are currently working at the site.

    Shortly before the war started, KBR announced that it had been awarded a “major contract” by Iraq’s state-owned Basra Oil Company to provide integrated field management services for the Majnoon oil field.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16067302/main.png
    Wil Crisp