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Monday , February 6 2023

‘Increase’ in value of projects market

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KUWAIT CITY, Dec 9: MEED magazine reported that the value of the projects market in Kuwait amounted to $205 billion as of November 11, which is an increase from $203 billion recorded on October 14, reports Al-Rai daily. The report stated that seven out of eight markets on the Meed Projects index, which tracks projects in the Middle East and North Africa, recorded gains between October 14 and November 11. While the value of the Gulf projects index grew by 2.6 percent from $ 3.2 trillion to $ 3.3 trillion during the period between October 14 and November 11, the projects market in the Gulf Cooperation Council countries grew by 3.3 percent, rising from $ 2.5 trillion in October to $ 2.6 trillion in November.

The projects market in Saudi Arabia rose 3.1 percent from $1.29 trillion on October 14 to $ 1.33 trillion on November 11. The project markets in Bahrain and the UAE also expanded by 2.1 percent and 1.1 percent respectively to reach a valuation of $53 billion and $701.2 billion respectively in November. The introduction of new projects such as the development of shale oil and the first phase of the Ministry of Metro Transportation scheme contributed to the growth in Bahrain last month. The new projects also helped raise the market value of projects in the UAE, and Qatar registered contracts worth $ 202 billion.

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