Total contract awards in 2014 are due to come in at $33.4bn, setting a new record, according to regional project tracking service MEED Projects.
Awards in the first half of the year were $17.8bn, more than the total value of all projects awarded in 2013, which stood at $8.7bn.
The total awarded in the second half of 2014 is due to be $15.6bn
The increase in awards has been driven by progress on megaprojects including the Clean Fuels Project, which saw contracts for packages worth $12bn awarded during the year.
Next year is to see $27.4bn in projects awarded. Among the big contracts expected to be awarded over 2015 is the $5bn engineering, procurement and construction (EPC) contract for the expansion of Kuwaits only international airport.
A total of $9.5bn in contracts for the Al-Zour refinery project are also expected.