Qatar’s projects award jumps 93% y-o-y to $25.1bn in 2021: Kamco

Qatar’s projects award jumps 93% y-o-y to $25.1bn in 2021: Kamco

Qatar was the second largest projects market in the Gulf Co-operation Council (GCC) during 2021, thanks to a better-than-usual $19.4bn contract awards in the first quarter (Q1) of 2021, according to Kamco Invest, a regional financial powerhouse.

Overall, the country recorded a more than 93% year-on-year surge in contract awards to $25.1bn during the fiscal year 2021, Kamco Invest said in a report.

In terms of sectors, Qatar’s gas sector took the lion’s share of projects in 2021 recording a total of $19.3bn worth of contracts and representing more than 77% of total projects awarded in the country during the year.

During Q1-2021 Qatargas, a subsidiary of state-owned QatarEnergy has awarded a $13bn liquefied natural gas contract to a group of French and Japanese energy companies (Chiyoda and Technip) for the first phase expansion of the North Field.

On the other hand, Qatar’s total projects awards reached $272mn during the fourth quarter (Q4) of 2021, down from $2.8bn the comparable period of 2020, Kamco said in its latest update on the GCC projects.

"Qatar is set to host the FIFA World Cup during the summer of 2022. Qatar’s government has stated that the country expects the four-week football event would add about $20bn to Qatar’s