{"id":87714,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/10\/saudi-leads-gcc-in-2q-2024-awarded-project-value\/"},"modified":"2024-07-10T00:00:00","modified_gmt":"2024-07-10T00:00:00","slug":"saudi-leads-gcc-in-2q-2024-awarded-project-value","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/10\/saudi-leads-gcc-in-2q-2024-awarded-project-value\/","title":{"rendered":"Saudi leads GCC in 2Q 2024 awarded project value"},"content":{"rendered":"

Saudi accounted for the lion\u2019s share of total awarded contracts in the GCC<\/strong> during 2Q <\/strong>2024<\/strong>, with the value of projects awarded here amounting to 60% of total awarded contracts in the Gulf during the period, according to a report (pdf) by Kamco Invest<\/a>. The value of project awards in Saudi grew 9.9% y-o-y to USD 30.6 mn in 2Q 2024 despite lower oil production<\/a> and forecasts of slower economic growth<\/a> this year, according to the report.<\/p>\n

The growth comes on the back of an acceleration of project awards at Neom<\/strong> as officials remain steadfast that progress on the buildout of the city was proceeding on schedule. It was also driven by Aramco\u2019s recent awarding<\/a> of over USD 25 bn in contracts for the development of the second phase of its Jafurah gas field and the expansion of the Kingdom\u2019s primary natural gas pipeline. The contracts come under Aramco\u2019s plan to see natural gas production in 2030 be 60% higher than it was in 2021.<\/p>\n

BACKGROUND-<\/strong> Officials lately hammered<\/a> the idea of preventing the economy from overheating on the back of its economic diversification push. Some have taken to calling gigaprojects modular<\/a> and Neom has gone on a drive to underscore to contractors<\/a> and bankers<\/a> that everything is on track.<\/p>\n

Oil projects still led the way:<\/strong> The value of oil projects awarded by Saudi during the quarter skyrocketed to USD 8.5 bn, up from USD 10 mn during the same quarter a year earlier. Saudi also awarded a separate USD 8.5 bn in energy projects during the period \u2014 up 25% y-o-y. <\/p>\n

But some sectors saw a decline: <\/strong>The value of construction projects awarded by the Kingdom was down 4.5% y-o-y in 2Q to USD 5 bn.<\/p>\n

Key highlights: <\/strong>Some of the quarter\u2019s leading project awards include a USD 2 bn project awarded by the Royal Commission for Riyadh City to build 50 km of highways in the capital, according to the report. It also took note of USD 1.5 bn order to Siemens Energy for two power plants \u2014 Taiba 2 and Qassim 2. The two power plants \u2014 set to be built in the western and central regions in the Kingdom \u2014 will be two of the world\u2019s largest and most-advanced combined-cycle power plants.<\/p>\n

How the GCC did: <\/strong>The value of GCC project awards were down 19.7% y-o-y during 2Q 2024 to USD 51.7 bn on the back of an \u201cunprecedented decline\u201d in Qatar and a sharp decline in the UAE, according to the report. \u064eDoha\u2019s project awards fell 98.5% y-o-y during the period to USD 162 mn from USD 10.5 bn a year earlier, while Abu Dhabi was down 23.6% y-o-y to USD 16.3 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The value of oil projects awarded by Saudi in 2Q jumped to USD 8.5 bn<\/p>\n","protected":false},"author":1,"featured_media":87715,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2547],"tags":[139,10,509,66,2329,100],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infrastructure","tag-aramco","tag-enterpriseam-ksa","tag-gigaprojects","tag-infrastructure","tag-kamco-invest","tag-neom","wpautop","entry"],"acf":{"mongo_id":"8c94cab2-c3c8-4969-a78d-97e8a0bc262b","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/801.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Value of project awards by Saudi up 9.9% y-o-y in 2Q 2024 as progress in Neom picks pace","related_issue":[87705],"teaser":"The value of oil projects awarded by Saudi in 2Q jumped to USD 8.5 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.02372887-a797-46a9-b246-a4e01889824c.mp3"},"yoast_head":"\nSaudi leads GCC in 2Q 2024 awarded project value - 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