Gulf Cooperation Council (GCC) project contracts doubled to $209bn in 2023, according to MEED data.
The sharp upturn was led by the Kingdom of Saudi Arabia (KSA) and UAE. The energy sector, particularly oil, gas, petrochemicals and power (thermal, solar and wind), was instrumental in driving growth along with giga projects including NEOM, where around $80bn in contracts have been awarded to date.
The Kingdom’s Real GDP growth is projected at 2.7% in 2024. Its budget spending includes SAR29.6bn spending in industrial investments for Yanbu and Jubail, and up to 20 GW of projects are earmarked for renewables.
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