Market snapshot of the GCC's 2023 planned awards

06 March 2023
MEED’s analysis and forecast of the major contracts to be awarded across the GCC this year, including on the Saudi gigaprojects programme and in Abu Dhabi’s oil and gas sector and post-World Cup Qatar

Key points: 

> OUTLOOK FOR 2023: Taking contracts in tender and most likely to be awarded this year, we have visibility on more than $110bn-worth of projects. Saudi Arabia and the UAE could grow by 20 per cent this year, with even sharper increases in Kuwait, Oman and Bahrain, albeit from much smaller bases. The only market that could decline is Qatar.

> SECTOR FORECAST: The spread of sector performance in 2023 is evenly apportioned between segments. Construction appears to be well down on 2022, but this also reflects its lower short-term visibility and quick turnover of awards in a given year. Power, petrochemical and water projects are anticipated to perform exceptionally well.

GCC FUTURE PIPELINE: Saudi is by far the largest projects market in terms of its projects pipeline, with more than $1.2tn of unawarded work. Construction continues to dominate the GCC's 2023 planned awards with more than half of known future projects by sector.

> TOP FUTURE CLIENTSNeom is by far the largest future client as befits its status as the world’s biggest project. Aramco is a familiar face, as are Qatargas, Aldar and Adnoc. But other clients have emerged such as Roshn, Red Sea Global, Jeddah Central Development Company and Diriyah Gate Development Authority, which are developing the kingdom’s mega/gigaprojects.

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