Growth flat for GCC projects market
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.