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UAE and Qatar drive projects growth

27 March 2024

The Gulf projects market grew for the 12th straight month in March, rising by 1.7% and adding $65.9bn in value from 9 February to 15 March. The result rounded out a full year of strong growth that has seen the projects market expand by a cumulative 21.7% and add $700bn in value since 10 March 2023 to hit a total value of $3.92tn.

The UAE has contributed strongly to the growth of the Gulf projects market, adding 5.2% or $38.5bn in value in the five weeks to 15 March. The value addition was driven in part by clarification over the structure and final value of the Al Maktoum International airport expansion, with the entire project now valued at $40bn across three phases.

Dubai also witnessed the launch of two new projects by Emaar Properties next to its existing Oasis project. The combined project value was announced as $25bn, split across the $14bn Heights Country Club and $10bn Grand Club Resort. It was not made clear upon launch whether the announced values were related to building costs or anticipated revenue generation.

Qatar’s next energy step

Qatar’s projects market also grew robustly, adding 6.1% or $13.4bn in value, with QatarEnergy announcing the latest expansion phase of its North Field liquefied natural gas (LNG) production programme: the $12bn North Field West Development. The project will add 16 million tonnes a year in LNG processing capacity, split across two trains.

The Saudi projects market contracted by a marginal 0.3%, shedding $5bn in value, but holding broadly level at $1.8tn in total value. The project markets of Kuwait and Bahrain grew by a modest 1.6% and marginal 0.1%, respectively. Outside the GCC, the Iraq and Iran project markets grew by 1.6% and 1.2%. 

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John Bambridge

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