GCC Projects Market Report Reveals Five-Year Peak in Awarding Rate

GCC Projects Market Report Reveals Five-Year Peak in Awarding Rate

Project awards in Gulf countries are likely to double with signs of détente in the Corona pandemic (Asharq Al-Awsat)

New data revealed a remarkable recovery in the projects market of Gulf Cooperation Council states during Q1 2021. This was traced back to the value input of awarded projects on a quarterly basis doubling.

"After witnessing declines over the last several quarters, the GCC project market showed healthy recovery during Q1-2021 with value of projects awarded more than doubling q-o-q to $ 26.3 Billion,“ said a report by Kamco Invest.

"This was mainly led by pending project awards from last year, in addition to efforts by governments in the region to vaccinate the bulk of the population and limit the spread of the Covid-19 that affected economic activity across the globe,“ it added.

Citing Bloomberg, Kamco said that 26.5 million doses have been administered with at least the first dose of the vaccine in the GCC out of a total population of 54 million residents.“

According to Bloomberg estimates, median Brent crude oil forecast is expected to remain comfortably above the $60 per barrel mark over the next five years.

The report coincides with most Gulf countries starting to practically ease or completely lift some of the