Kuwait leads project market surge in MENA region, highlighting dynamic growth trends

KUWAIT CITY, March 28: The data from MEED Projects Index highlights significant contract awarding activity across various countries in the Middle East and North Africa (MENA) region, with Kuwait experiencing notable growth in its project market, reports Al-Qabas daily.

In February, Kuwait witnessed contracts worth $144 million being awarded, with the largest deal worth $60 million signed by the Public Authority for Housing Welfare for the Al-Mutla’a Residential City project. This contributed to a 1.6% growth in Kuwait’s project market for the month.

Overall, the Gulf project market saw continuous growth for the 12th consecutive month, rising by 1.7% in March. The total value added during this period amounted to $65.9 billion. The UAE played a significant role in this growth, contributing $38.5 billion in value, particularly driven by developments such as the expansion of Al Maktoum International Airport and new projects by Emaar Properties.

Qatar also experienced strong growth in its project market, adding $13.4 billion in value, largely due to Qatar Energy’s announcement of the North West Field development, a $12 billion LNG production program expansion.

However, Saudi Arabia’s project market saw a marginal contraction of 0.3%, resulting in a loss of $5 billion in value, while Bahrain’s market grew modestly by 0.1%. Outside the Gulf, Iraq and Iran recorded growth rates of 1.6% and 1.2%, respectively.

Overall, these developments underscore the dynamic nature of the project market in the MENA region, with various countries experiencing fluctuations in activity influenced by factors such as government initiatives, economic conditions, and strategic investments in infrastructure and development projects.