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Heading into July, the Gulf projects markets exhibited significant growth, rising by 1.8 per cent or $59bn to a value of $3,416bn, building on a 2.3 per cent rise the previous month.

The growth was led by the expansion of the UAE projects market, which rose in value by 4.8 per cent or $27.4bn to reach $593bn. The value growth in the UAE was spearheaded by the launch of The Oasis, a $20bn residential masterplan by local developer Emaar.

Oman’s market grew by 2.5 per cent to reach $197bn with the confirmation of two $3bn awards by Hydrom to BP and Amnah Consortium for the development of hydrogen production facilities.

Qatar’s market also grew by 2.6 per cent to reach $190bn, while Kuwait’s projects market grew by 0.5 per cent to reach $176bn.

Saudi Arabia’s projects market declined by 0.1 per cent, remaining static at a value of $1.6tn, but still saw several new project announcements, including the entry into study of a $2.4bn series of seven solar photovoltaic parks in Tabuk and Duba, and the preparation for tender of a $3bn, 3GW solar plant in Tabuk.

Bahrain, the smallest market in the region, declined by 3.4 per cent, shedding $2.5bn to arrive at $71bn in value.

Wider region

Outside of the GCC, Iraq’s projects market grew by 3.4 per cent, adding $10.5bn to reach $319bn, with its public investment commissions announcing plans for several new residential cities to alleviate its housing crisis, including the $4bn New Al-Fallujah City in Anbar Province and the $2bn Ghazlani New City in Ninevah Province. 

Iran’s projects market contracted by 1.4 per cent, shedding $3.8bn to settle at $270bn in value.