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Gulf projects market continues climb

20 June 2024

 

The Gulf Projects Index rose for the 15th consecutive month from 10 May to 7 June, reflecting a 1% expansion in the projects market. This continues an upward trend beginning in March 2023 that has seen ambitious development and economic diversification schemes spur growth.

The increase in May-June was driven by the Saudi and Iraqi projects markets, which grew by $28bn and $20bn respectively in value terms. For Saudi Arabia, this equated to an expansion of 1.5%, while for the smaller Iraqi market the value increase made for a 5.6% expansion.

The biggest lag on growth was the Iran projects market, which shed $10bn to contract by 3.4% in size.

Market gains

The projects market growth in Saudi Arabia was led by the revival of the $17bn Mecca Metro scheme. French engineering firm Systra is updating the feasibility studies for the project.

The growth in the kingdom was also supported by the launch by the Water Transmission & Technologies Company of several water transmission projects worth an expected $2.5bn, as part of a planned $38bn capital spend on water transmission infrastructure through to 2030.

In Iraq, the projects market value increase was led by the National Investment Commission’s revival of the $10bn Al-Rasheed Housing City project in Baghdad. Seven other residential projects, worth a combined $12.5bn, were also announced – the largest two were $5.5bn and $4bn schemes in the Najaf and Wasit provinces, respectively.

Elsewhere in the region, the UAE and Oman projects markets gained an incremental 0.5% each and Bahrain rose 0.4%. Qatar’s market shrank by 0.7%, while Kuwait’s dipped by 0.1%.

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John Bambridge

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