Qatar: Contracts awarded surge 8.3 times to reach $10.4bln in Q2

Qatar: Contracts awarded surge 8.3 times to reach $10.4bln in Q2

Doha, Qatar: Gulf Cooperation Council (GCC) project awards surged 86 percent during the second quarter (Q2) of 2023 to reach $49.7bn as compared to $26.7bn in awards during Q2, 2022 underlining the determination of the GCC countries to execute and reach their diversification targets, according to a report by Kamco Invest.

Citing the data gathered by MEED Projects, the report noted that the total value of contracts awarded in Qatar jumped 8.3 times year on year (y-o-y) to reach $10.4bn as compared to $1.1bn in second quarter of 2022.

The growth in contract awards was mainly due to the performance of the country’s gas sector which represented nearly 97 percent of total value of projects awarded during the quarter. Total values of gas sector projects awarded jumped nearly 16 times to reach $10bn during Q2, 2023 up from $600m in Q2, 2022, it added.

Moreover, the steep growth of total value of projects awarded in the country was mainly due to one megaproject awarded by QatarEnergy. The state-owned energy company has awarded a $10bn EPC (engineering, procurement and construction) contract for the North Field South (NFS) megaproject to a joint venture of Technip Energies and Consolidated Contractors Company (CCC).

Qatar’s North Field South (NFS)