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Saudi Arabia and UAE lead GCC contract awards, hitting all-time high of Dh815bn in 2023

The urban sector emerged as the leader in terms of contract awards, followed by the oil and gas and utilities sectors.

He Gulf Cooperation Council (GCC) The countries saw an unprecedented increase in contract awards, reaching an all-time high of $222 billion (Dh815 billion).

According to the latest data published by BNCSaudi Arabia and the United Arab Emirates lead the way, followed by Qatar, Kuwait, Oman and Bahrain.

The urban sector emerged as the leader in terms of contract awards, followed by the oil and gas and utilities sectors.

In Saudi ArabiaThe increase was mainly driven by initiatives aligned with Saudi Vision 2030, resulting in major contracts within Giga projects such as Speed ​​Park within Qiddiya, several residential communities within Roshn and mega projects such as Amaala and preliminary works in New Murabba.

In particular, the public services sector in Saudi Arabia It also secured awards worth more than $13 billion, in line with the goals of Saudi Arabia’s National Renewable Energy Program.

In it United Arab Emirates, the urban sector took the lead with awards for innovative projects such as the Middle East’s inaugural gaming complex, Wynn Resort on Al Marjan Island, and the ambitious Habtoor Tower, which aims to be the world’s largest residential tower. The oil and gas sector in the UAE followed closely, securing awards worth more than $17 billion for the major Hail & Ghasha project and the $3.7 billion ethane recovery plant , an integral part of Adnoc’s decarbonization strategy.

Meanwhile, Qatar claimed the highest contract award value within the rest of the GCC, at more than $22 billion, largely attributed to major oil and gas projects, including the $10.2 billion South Field North expansion project for two additional LNG trains.

Kuwait followed closely with $17.21 billion in contract awards, with the oil and gas sector making up almost 60 percent of the total award value. The largest award in Oman was in the industrial sector for the $3 billion Integrated Green Steel Complex in Duqm, BNC Network said.

News Source: Khaleej Times

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