The total value of contracts awarded in the Gulf Cooperation Council (GCC) reached a new high of $273.2 billion in 2024, an increase of 9.6 percent, compared to $249.4 billion in 2023, according to Kamco Invest Research.

The growth was mainly driven by project awards in Saudi Arabia and the UAE despite registering an annual dip in contract values, the consultancy said in its latest GCC Projects Market Report.
 
The power and oil sectors led the growth of project awards, recording $67 billion and $29.7 billion in contract awards, respectively.
 
On a quarterly basis, total GCC project awards reached $74.8 billion in the fourth quarter of 2024, the highest quarterly number over six years. Total contracts awarded in Saudi Arabia increased by 16.3 percent quarter-on-quarter (QoQ) in fourth quarter 2024 to $40.4 billion.

Aggregate projects awarded in Kuwait jumped by 237.4 percent YoY to $4 billion. However, contract awards in the UAE declined by 37.4 percent QoQ to $20.9 billion. 

The outlook for 2025 remains bright for the GCC projects market, with more than $120 billion worth of projects already in the bid evaluation stage, Kamco reported, quoting MEED Projects. These projects mostly translate into awards, the report said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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