GCC infrastructure index dragged down by 3% decline in Saudi Arabia

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RIYADH: The value of the Gulf Projects Index of infrastructure spending dropped by 1.5 percent between 3 June and 1 July, according to MEED Projects.

This was led by Saudi Arabia, one of the region’s largest markets with $1.34 trillion in projects planned and underway, declining by 3 percent.

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It was followed by UAE, which had $626 billion in ongoing and planned projects, down 1.9 percent, while Kuwait and Iraq both declined by 1.4 percent and 1.5 percent respectively,

During the period, Bahrain, Oman, Qatar, and Iran experienced positive growth, with Qatar posting the strongest growth, of a 5 percent increase, followed by Oman, with a 3 percent rise.

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Qatar’s total was boosted by new projects, including the Doha Metro expansion for QRail and the Ruya oil field development by North Oil Company.

Iran and Bahrain each experienced marginal growth, improving by 0.75 percent and 0.15 percent respectively.

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The decline in The Gulf Projects Index in June was in line with a broader trend, as it dropped by 10 percent in the last year, with a total value of $3.3 trillion, down from $3.7 trillion a year ago.

 

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