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Gulf projects hit a new high in 2024 as activity continues to grow

Feb 3, 2025, 7:43am EST
gulfMiddle East
A view from inside of the green line of Riyadh Metro, as it approaches the King Abdullah Financial District Metro Station in Riyadh.
Hamad I Mohammed/Reuters
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Project activity hit a new high in the Gulf last year, with $273 billion worth of contracts awarded, up almost 10% from 2023.

A chart showing the value in dollars of planned projects in the Gulf. Saudi Arabia is the biggest, with $770 billion worth of projects.

That was largely down to a booming Saudi market, where activity at NEOM and other giga-projects contributed to a record high of $147 billion worth of deals, according to KAMCO Investment Co., a Kuwait-based asset manager. By contrast, the UAE saw a 10% dip, although it was still the second-largest market at $84 billion. Bahrain, Kuwait, and Qatar all saw some growth, while Oman was flat.

The construction sector led the way, closely followed by oil and gas, and renewable energy and other power deals. The outlook for 2025 is fairly bright, with $1.5 trillion worth of deals in the pipeline, including more than $120 billion in the bid evaluation stage.

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