New construction projects in the Gulf plunge 37%
Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending. The war caught up with the Gulf’s construction sector last quarter. Project awards across the region fell 37.2% from a year earlier to $47.4 billion, according to Kuwaiti investment firm Kamco Invest. Every country was down by double digits; Oman all but stopped signing contracts, with awards falling 96.6%. Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending. For the rest of the year, there are still some $2.05 trillion of planned projects in the pipeline, half of them in Saudi Arabia. Whether they get built is another matter: NEOM has halted work on The Line until after 2030 and faces a $16 billion bill to cancel contracts. This month, the kingdom shelved a stadium promised for the 2034 men’s soccer World Cup.
Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending. The war caught up with the Gulf’s construction sector last quarter. 4 billion, according to Kuwaiti investment firm Kamco Invest. 6%.
Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending. 05 trillion of planned projects in the pipeline, half of them in Saudi Arabia. Whether they get built is another matter: NEOM has halted work on The Line until after 2030 and faces a $16 billion bill to cancel contracts. This month, the kingdom shelved a stadium promised for the 2034 men’s soccer World Cup.