Contractors from the Gulf Cooperation Council (GCC) countries have secured a record-breaking 205 billion dollars (Rs 1,69,89,04,70,00,000) in contract awards in 2023.
The 2023 saw an 88 percent increase of projects awarded compared to 2022, with 109 billion dollars (Rs 90,32,95,53,50,000), MEED reported.
The GCC countries’ strong growth in project value indicates their determination to achieve their economic diversification goal.
Saudi Arabia and the United Arab Emirates (UAE) are currently the top two countries in securing the most GCC contract awards.
Saudi Arabia’s Vision 2030 initiatives led to significant contracts in Giga projects like NEOM, Roshn residential communities, and New Murabba.
The UAE has won awards for groundbreaking projects such as the first gaming resort, and the world’s largest residential tower, Habtoor Tower.
The increased activity was primarily due to significant contract awards in the Saudi Arabian and UAE projects markets, totaling 92 billion dollars (Rs 76,24,28,84,00,000) and 78 billion dollars (Rs 64,64,07,06,00,000) respectively.
After Saudi Arabia and UAE, Qatar comes third with most contract awards with a value of 19 billion dollars (Rs 15,74,10,91,50,000).
Followed by Kuwait, Oman and Bahrain, with 8.2 billion dollars (Rs ,79,42,78,10,000), 6.6 billion dollars (Rs 5,46,86,28,00,000) 1.2 billion dollars (Rs 99,42,96,00,000)-worth of awards, respectively.
