Latest news with #MEEDProjects
Khaleej Times
20-07-2025
- Business
- Khaleej Times
UAE leads GCC project market in Q2 despite dip, outlook remains bright for 2025
The GCC project market is expected to gain renewed momentum in the second half of 2025, led by sustained activities in Saudi Arabia and the UAE. According to the latest data from MEED Projects and Kamco Invest, the UAE emerged as the region's top project market in the second quarter of the year, overtaking Saudi Arabia, despite a year-on-year drop in awarded contracts. The UAE recorded $14 billion worth of contract awards in Q2-2025, down from $26.4 billion in the same period last year — a 47 per cent decline. However, its share of the GCC project market rose to 49.2 per cent from 38.9 per cent in Q2-2024, highlighting the resilience and attractiveness of the UAE's diversified project portfolio. 'The UAE's ability to retain its lead in the region despite a sector-wide slowdown reflects its strategic investment push, policy reforms, and continued focus on economic diversification,' said Mohamed Ali Omar, associate at Kamco Invest. In contrast, Saudi Arabia posted a sharp 72.5 per cent year-on-year drop in Q2 contract awards, reaching $9.8 billion compared to $35.6 billion in Q2-2024. Overall, the GCC recorded a steep 58 per cent drop in Q2 contract awards, with total awards falling to $28.4 billion from $67.7 billion a year earlier — the lowest quarterly figure in 14 quarters. The decline was broad-based, with five of six GCC nations posting lower project awards in the second quarter. The slowdown comes after two years of record spending on mega oil and gas developments and over $1 trillion in gigaprojects. According to Junaid Ansari, head of Investment Strategy and Research at Kamco Invest, 'The slowdown is a cyclical correction after an extended period of robust activity. We expect a revival in the second half as several high-value projects enter the execution phase.' In terms of first-half 2025 performance, UAE contracts totalled $44.4 billion, down 12.1 per cent from $50.6 billion in H1-2024. The largest hit was in the construction sector, which saw a 61.6 per cent drop to $4.9 billion. Yet, the gas sector proved to be a bright spot, with $5.3 billion in awards, accounting for 37.6 per cent of the UAE's Q2 total. Among the standout deals was a $400 million three-year LNG supply agreement between Adnoc Gas and Germany's SEFE. Separately, Adnoc Gas announced a $5 billion investment in its Rich Gas Development Scheme, with the first $2.8 billion tranche awarded to UK-based Wood for the Habshan facility. Petrofac and Kent were also awarded major packages for Das Island and Asab-Bu Hasa facilities, respectively. The industrial and chemical sectors in the UAE also showed signs of growth. The industrial sector saw a 35.8 per cent year-on-year rise in Q2 awards, while the chemical sector rebounded with $150 million in new contracts after no awards in the year-ago quarter. Looking ahead, Saudi Arabia's pipeline includes mega projects such as the $80 billion CARE nuclear power reactor and a $10 billion battery energy storage system. These projects are currently in the bidding or FEED (front-end engineering design) stages and are expected to boost contract activity later in the year. As of mid-2025, the GCC's pre-execution pipeline of contracts is valued at approximately $1.73 trillion. Of this, Saudi Arabia accounts for over 50 per cent at $873.2 billion, followed by the UAE at $417.9 billion, or 24.2 per cent. Kuwait ranks fourth with $114.8 billion, or 6.6 per cent of the regional total. Segment-wise, the pipeline includes $586 billion in the design stage, $625.5 billion in the study phase, $133.9 billion in pre-qualification, $106.3 billion in bidding, $162.6 billion in bid evaluation, and $115.2 billion in FEED.
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.
