The GCC projects market remained flat in the week to 19 February, posting no growth and no decline. The Gulf total, including Iraq and Iran, saw a negligible 0.01 per cent increase. The GCC, however, was down by 1.91 per cent year-on-year due to $2.8bn being removed from the index.
Oman was the only market to post significant growth week-on-week with a 1.37 per cent increase, spurred on by two new projects: BP – Khazzan & Makarem Fields Development Phase 2, and the Marina Duqm – Tourism Facade Project. The Omani projects market is now valued at $169bn.
The Kuwait projects market was down 0.03 per cent when compared to last week, but on a yearly basisi has grown by 17.64 per cent.
Saudi Arabia continues to have the largest projects market at $1 trillion, with the UAE a close second with $852bn in projects underway. The Saudi market is $1.5bn down when compared to last week.