The report issued by the company added:Kamco Research“The total value of projects awarded in the UAE amounted to $10.0 billion in the third quarter of this year, of which $5.6 billion was for the construction sector, accounting for 55.4 percent of the total value of contracts awarded in the country.
He explained that the total value of the projects awarded within the gas sector in The UAEIt jumped more than 2.6 times on an annual basis in the third quarter of 2024, reaching $1.6 billion compared to $588 million in the third quarter of 2023.
The value of contracts awarded within the oil sector increased by 8.2 percent on an annual basis to reach $1.2 billion, compared to $1.1 billion in the third quarter of 2023.
The report stated that one of the most prominent projects that the UAE awarded during the third quarter was the engineering, procurement and construction contract for the tank warehouse project at Abu Dhabi Airport, which was awarded by ADNOC to an alliance that includes a number of companies headquartered in Abu Dhabi, including the Trojan Construction Group in addition to To the Dubai-based company Celingas.
A project worth $220 million was also awarded to the Dubai-based real estate development company Nakheel, to complete land reclamation work for the Palm Jebel Ali project in Dubai during the third quarter of 2024, in addition to another prominent project that was awarded during the third quarter, which is a contract worth $200 million was granted by Al Dhafra Petroleum Company to increase productivity in the onshore Haliba oil field in Abu Dhabi.
The report indicated that the total value of projects awarded in the Gulf countries amounted to about $54.2 billion in the third quarter of this year.
The value of contracts in the Kingdom of Saudi Arabia reached $35.4 billion, with the continued momentum of awarding and implementing projects, supported by economic diversification efforts and the recovery of the Kingdom’s economic activity.
According to the report, the total value of projects awarded in Qatar improved by 57.9 percent on an annual basis during the third quarter of this year to reach $4.2 billion, and the total value of contracts awarded in Kuwait exceeded $2 billion in the third quarter, and the market is expected to recover. Projects in Kuwait in the coming period.
The report pointed out that the total value of awarded projects in Bahrain rose to $1.37 billion in the third quarter of this year, while their value in the Sultanate of Oman reached about $1.12 billion.