GCC project contracts value grows two-fold to hit $209bln

GCC project contracts value grows two-fold to hit $209bln

The project awards in GCC almost doubled during 2023 to hit $209.7 billion over the previous year's figure of $109.7 billion, underlining the progress made by governments in the region, according to Kamco Invest, a regional non-banking financial powerhouse based in Kuwait.

This was the highest ever aggregate value in terms of yearly projects awarded in the GCC region which underlines among other things the culmination and significant trajectory of Saudi Arabia’s diversification plans and underscores the determination of the countries in the region to continue to execute their modernizing and economic diversification plans.

In terms of the wider Middle East and North Africa region, total value of contracts awarded during the year surpassed the previous high of $240 billion in 2014 to reach $254 billion in 2023, stated the report.

Growth in GCC contract awards was broad-based during 2023 as all the countries in the GCC witnessed at least double-digit y-o-y growth in their aggregate value of contracts awarded during the year.

Kuwait witnessed the highest percentage growth in the region recording nearly 300% yo-y growth in total value of contracts awarded to reach $8.2 billion up from $2.1 billion in 2022.

According to Kamco Invest, Bahrain remained the smallest project market in the