Latest news with #MEEDProjects
Zawya
21-05-2025
- Business
- Zawya
GCC projects pipeline remains strong despite Q1 dip
Muscat – Following a record-breaking year for project awards, the GCC region is projected to experience another year of robust contracts activity, with the outlook for the GCC project market remaining strong for 2025, according to a new report released by Kamco Investment. Numerous favourable factors across the GCC are expected to support momentum in the project market in 2025. Among these is notable growth in GCC hospitality projects during the year, Kuwait-based Kamco Investment said in its recently released GCC Projects Market report. Overall, GCC countries hold approximately $1.54tn in contracts at the pre-execution stage, with Saudi Arabia accounting for the largest share (52.1%), the report said, citing MEED Projects data. 'A number of these projects are anticipated to be awarded within the next 6–12 months, indicating that 2025 could rival or surpass the award volumes of 2024,' the report noted. 'Roughly 34.3% of these contracts are in the design phase, while about 8.1% are currently under bid evaluation.' Looking at country-specific project pipelines, the report highlighted that Saudi Arabia leads with $801.2bn in pre-execution stage projects, followed by the UAE ($312.3bn), Oman ($169.9bn), and Kuwait ($130.8bn), respectively. According to MEED Projects data, healthcare contracts worth over $3bn are currently out to bid, signalling a strong project pipeline. Saudi Arabia leads with 51% of the total value of the GCC healthcare pipeline in 2025. In comparison, the UAE has $6.8bn in contracts under planning and execution, while Kuwait has $3.6bn in hospitality projects at similar stages. Impact of US tariffs The Kamco Investment report noted that, on the surface, there appears to be no immediate threat of US tariffs impacting the GCC projects market, as most GCC countries have limited trade exposure to the US in both imports and exports. It further stated that the US maintains trade surpluses with five of the six GCC markets, and as a result, a basic tariff of 10% has been imposed. In addition, hydrocarbons – the primary export commodity of GCC nations – are among the goods exempted from tariffs. 'However, declining oil prices, driven by negative global economic sentiment linked to the effects of US tariffs on trade, may have an impact on GCC revenues and, consequently, their project funding capabilities. Reduced oil prices lead to lower government income across the GCC, which in turn may result in reduced spending on projects,' the report added. Contracts decline in Q1 The total value of contracts awarded in the GCC declined after three of the six member countries recorded year-on-year decreases in project awards during Q1 2025. The total value of contracts awarded in the GCC fell by 26.8% year-on-year in Q1 2025, totalling $52.4bn – the lowest figure in the past eight quarters – compared to $71.5bn in Q1 2024. 'This downturn was primarily attributable to a sharp contraction in Saudi Arabia's project awards, despite resilient performance from the UAE, which recorded moderate year-on-year growth. The power and construction sectors were the main contributors to the decline in Qatar, Bahrain, and Saudi Arabia during Q1 2025,' the report said. However, despite the significant year-on-year drop in Q1 2025, GCC project awards are projected to align with 2024 levels. MEED Projects, as cited in the Kamco Investment report, estimates that approximately $235bn worth of contracts are currently tendered or under bid evaluation across the GCC, with Saudi Arabia accounting for nearly two-thirds of this pipeline. On a quarterly basis, Saudi Arabia's total contract awards plummeted by 49.9% in Q1 2025 to $17bn, down from $33.9bn in Q1 2024. In contrast, Kuwait's aggregate project awards surged by 197.6% in Q1 2025, reaching $1.4bn. Meanwhile, the UAE posted an 11.7% increase in contract awards during Q1 2025, totalling $26.1bn, up from $23.4bn in Q1 2024. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
20-05-2025
- Business
- Muscat Daily
GCC projects pipeline remains strong despite Q1 dip
Muscat – Following a record-breaking year for project awards, the GCC region is projected to experience another year of robust contracts activity, with the outlook for the GCC project market remaining strong for 2025, according to a new report released by Kamco Investment. Numerous favourable factors across the GCC are expected to support momentum in the project market in 2025. Among these is notable growth in GCC hospitality projects during the year, Kuwait-based Kamco Investment said in its recently released GCC Projects Market report. Overall, GCC countries hold approximately $1.54tn in contracts at the pre-execution stage, with Saudi Arabia accounting for the largest share (52.1%), the report said, citing MEED Projects data. 'A number of these projects are anticipated to be awarded within the next 6–12 months, indicating that 2025 could rival or surpass the award volumes of 2024,' the report noted. 'Roughly 34.3% of these contracts are in the design phase, while about 8.1% are currently under bid evaluation.' Looking at country-specific project pipelines, the report highlighted that Saudi Arabia leads with $801.2bn in pre-execution stage projects, followed by the UAE ($312.3bn), Oman ($169.9bn), and Kuwait ($130.8bn), respectively. According to MEED Projects data, healthcare contracts worth over $3bn are currently out to bid, signalling a strong project pipeline. Saudi Arabia leads with 51% of the total value of the GCC healthcare pipeline in 2025. In comparison, the UAE has $6.8bn in contracts under planning and execution, while Kuwait has $3.6bn in hospitality projects at similar stages. Impact of US tariffs The Kamco Investment report noted that, on the surface, there appears to be no immediate threat of US tariffs impacting the GCC projects market, as most GCC countries have limited trade exposure to the US in both imports and exports. It further stated that the US maintains trade surpluses with five of the six GCC markets, and as a result, a basic tariff of 10% has been imposed. In addition, hydrocarbons – the primary export commodity of GCC nations – are among the goods exempted from tariffs. 'However, declining oil prices, driven by negative global economic sentiment linked to the effects of US tariffs on trade, may have an impact on GCC revenues and, consequently, their project funding capabilities. Reduced oil prices lead to lower government income across the GCC, which in turn may result in reduced spending on projects,' the report added. Contracts decline in Q1 The total value of contracts awarded in the GCC declined after three of the six member countries recorded year-on-year decreases in project awards during Q1 2025. The total value of contracts awarded in the GCC fell by 26.8% year-on-year in Q1 2025, totalling $52.4bn – the lowest figure in the past eight quarters – compared to $71.5bn in Q1 2024. 'This downturn was primarily attributable to a sharp contraction in Saudi Arabia's project awards, despite resilient performance from the UAE, which recorded moderate year-on-year growth. The power and construction sectors were the main contributors to the decline in Qatar, Bahrain, and Saudi Arabia during Q1 2025,' the report said. However, despite the significant year-on-year drop in Q1 2025, GCC project awards are projected to align with 2024 levels. MEED Projects, as cited in the Kamco Investment report, estimates that approximately $235bn worth of contracts are currently tendered or under bid evaluation across the GCC, with Saudi Arabia accounting for nearly two-thirds of this pipeline. On a quarterly basis, Saudi Arabia's total contract awards plummeted by 49.9% in Q1 2025 to $17bn, down from $33.9bn in Q1 2024. In contrast, Kuwait's aggregate project awards surged by 197.6% in Q1 2025, reaching $1.4bn. Meanwhile, the UAE posted an 11.7% increase in contract awards during Q1 2025, totalling $26.1bn, up from $23.4bn in Q1 2024.
Zawya
23-04-2025
- Business
- Zawya
Qatar's gas sector sees 19-fold jump in contracts awarded in Q1: Kamco Invest
Qatar - Total value of contracts awarded in Qatar's gas sector saw a 19-fold year-on-year surge to $4.3bn in the first quarter (Q1) of 2025, according to Kamco Invest, a regional economic think-tank. There is no immediate threat of the US tariffs on the Gulf Co-operation Council (GCC) projects market, which is slated to 'remain strong' for the whole of 2025, it also said in a report. QatarEnergy LNG recently selected India's Larsen & Toubro Energy Hydrocarbon (LTEH) for a $4bn to $5bn package covering the engineering, procurement, construction, and installation contract under the second phase of North Field Production Sustainability (NFPS) project, Kamco Invest said, quoting MEED Projects. This includes construction and installation of two major gas compression systems — CP8S and CP4N — each weighing 25,000–35,000 tonnes. The scope of the project also involves building compression platforms, flare gas platforms, and other related structures. The total value of overall contracts awarded in Qatar stood at $5.2bn in January-March this year, which however fell 37.9% on an annualised basis. This drop in contract awards was due to a sharp decrease in the value of projects awarded in Qatar's transport, water, and construction sectors, Kamco said. Notably, there were no contracts awarded in the transport, water, chemical, and industrial sectors of Qatar during the review period. In addition, total contracts awarded in Qatar's construction sector fell by 64.6% year-on-year to $401mn in Q1-2025. Highlighting that the outlook for the GCC project market for 2025 is expected to remain strong; it said numerous favourable factors across the GCC are anticipated to support project market momentum in 2025. Among them is notable growth in the GCC hospitality projects during the year. As per MEED Projects, healthcare contracts worth over $3bn are currently out-to-bid, signalling a strong project pipeline. Saudi Arabia leads with 51% of the total value of the GCC healthcare pipeline in 2025. In comparison, the UAE has $6.8bn in contracts under planning and execution and Kuwait has $3.6bn in hospitality projects under similar stages. Saudi Arabia's $450mn project — King Faisal Medical City in Asir: Phase 2 — ranks as the largest planned and un-awarded GCC healthcare project out-to-bid, followed by Qatar's $300mn Ashghal - Hamad General Hospital (HGH) Safety Improvements (Packages 1, 2 & 3). Overall, the GCC holds around $1.54tn in contracts at the pre-execution stage, with Saudi Arabia accounting for the largest share (52.1%). A number of these projects are anticipated to be awarded within the next 6–12 months, indicating that 2025 could rival or surpass the award volumes of 2024, according to MEED Projects. About 34.3% of these contracts are in the design phase, while about 8.1% are currently under bid evaluation. Saudi Arabia leads with $801.2bn in pre-execution stage projects, followed by the UAE ($312.3bn), Oman ($169.9bn), and Kuwait ($130.8bn), respectively. Elaborating on the US tariff and its effect, it said 'on the surface, there appears to be no immediate threat of US tariffs impacting the GCC projects market, as most GCC countries have limited trade exposure to the US on both the import and export fronts.' According to MEED Projects, only Bahrain sends more than 5% of its exports to the US. Furthermore, the US maintains trade surpluses with five of the six GCC markets, and as a result, a basic tariff of 10% has been imposed. In addition, hydrocarbons — the primary export commodity of GCC nations — are among the goods exempted from tariffs. However, declining oil prices, driven by negative global economic sentiment linked to US tariff effects on trade, may have an impact on GCC revenues and consequently their project funding capabilities. Reduced oil prices lead to lower government income across the GCC, which in turn may result in reduced spending on projects. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Mid East Info
20-04-2025
- Business
- Mid East Info
MEED Announces its Saudi Giga Projects 2025 Summit: Pioneering the Future of Construction and Infrastructure
Many of the world's largest construction projects to be showcased Riyadh- Saudi Arabia awarded just under $148bn worth of contracts in 2024, the highest total ever recorded by a single country in the GCC, as its giga projects programme enters full swing. The total is more than double the $287bn total for the region as a whole last year, itself a record high according to MEED data. The Kingdom's projects market performance was driven by its construction and infrastructure sectors, which together reached $49bn, the majority of which was comprised by expenditure on giga projects. Data from the MEED Projects database reveals that an estimated $105bn worth of work has already been contracted on the on $870bn-plus giga projects programme, highlighting that most of the activity is still to come. It is in this context that MEED is proud to announce the return of its Saudi Giga Projects Summit for 2025. Hosted in Riyadh at The Venue by ROSHN Group between 12 and 14 May, the event aims to present an in-depth showcase and analysis of the Kingdom's ongoing giga projects, serving as a platform for construction updates, progress reports, and networking opportunities among key executives and stakeholders in the Saudi construction sector. The giga projects program is at the heart of Saudi Arabia's 2030 Vision aimed at transforming the kingdom into a tourism and entertainment hub while creating hundreds of thousands of new jobs. The Saudi Giga Projects 2025 Summit focuses on key projects, spotlighting Soudah Development, The Boutique Group, ROSHN, Red Sea Global, Diriyah, AlUla, NEOM, King Salman Park and New Murabba among others. The Saudi Giga Projects Summit 2025 will provide participants with a comprehensive understanding of the Kingdom's ambitious construction endeavours. Beyond project updates, the event serves as a gateway to explore a broader spectrum of prospects within every facet of the construction industry. Attendees will gain insights into supply chain resilience, demand signals, advanced manufacturing techniques, and the latest technologies shaping the sector's future. The event is proud to announce Al Baddad International, Qatar Exports and Saudi Binladin Group as this year's platinum sponsors. The gold sponsors are Autodesk, Nemetschek Group, Procore Technologies and UNIMAC. About MEED: MEED is a business intelligence company that encompasses a subscription website and magazine, regular C-level executive conferences and summits hosted by MEED Events, awards programmes, and two high-value content businesses: MEED Projects and MEED Insight. MEED is the world's leading source of Middle East business intelligence. Established in 1957, it has been integral to delivering business information and news, intelligence and analysis on the Middle East economies and activities ever since. Attracting a key senior management audience through its content and activities, MEED is a media brand and publication that unlocks business opportunities in one of the world's fastest-growing business regions.
Muscat Daily
12-02-2025
- Business
- Muscat Daily
GCC project awards rise 9.6% to record high of $273bn in 2024
Muscat – The total value of contracts awarded in the GCC countries reached a new record in 2024. GCC project awards saw a 9.6% year-on-year increase, totalling $273.2bn, compared to $249.4bn in 2023, according to a research report from Kamco Investment. This growth in contract awards was primarily driven by an exceptional increase in project awards in Saudi Arabia, coupled with strong performance from the UAE, despite a year-on-year dip in the value of contract awards in the latter. The power and oil sectors led the growth in project awards in the GCC during 2024, with $67bn and $29.7bn in contract awards, respectively. Within the renewable energy sector, Saudi Arabia signed contracts for 25 renewable energy projects, spread across various regions, which are collectively generating approximately 23 gigawatts of electricity in 2024. Meanwhile, the GCC construction sector remained the largest sector, with $75.4bn in contract awards during 2024. Growth in GCC contract awards was broad-based in 2024, with three of the six GCC countries experiencing at least double-digit year-on-year growth in the total value of contracts awarded, while four out of the six countries saw year-on-year increases in the value of projects awarded during the year. According to Kamco Investment, the outlook for 2025 remains positive for the GCC projects market, with more than $120bn worth of projects already in the bid evaluation stage, which would likely translate into awards, according to MEED Projects. The near-term forecast also remains positive for the region, primarily driven by Saudi Arabia's construction and power sectors, mainly related to the NEOM giga projects. 'There are many positive factors in the GCC expected to support project market activity in 2025. These include thriving economic activity, governments' resolve to execute projects before deadlines, a supportive and strong banking sector, expected falls in interest rates, stability in the regional geopolitical scenario, elevated oil prices, and supportive government policies for private sector participation,' Kamco Investment said.
