{"id":100199,"date":"2025-01-30T00:00:00","date_gmt":"2025-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-saw-projects-decline-9-5-last-year\/"},"modified":"2025-01-30T00:00:00","modified_gmt":"2025-01-30T00:00:00","slug":"uae-saw-projects-decline-9-5-last-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/30\/uae-saw-projects-decline-9-5-last-year\/","title":{"rendered":"UAE saw projects decline 9.5% last year"},"content":{"rendered":"

The UAE was a major player in the GCC projects market in 2024<\/strong>, securing USD 84.1 bn in awarded contracts, despite a 9.5% y-o-y decline, according to Kamco Invest\u2019s January 2025 GCC Projects Market Update (pdf)<\/a>. The country increased its share of total GCC project awards to 37.3%, up from 26.2% in 2023, driven by key infrastructure and energy investments.<\/p>\n

The UAE saw two of the largest project awards in the GCC last year:<\/strong> the <\/span>U<\/a>SD 5.6 bn Dubai Metro Blue Line<\/a> and the USD 5.5 bn Ruwais Low Carbon LNG Terminal. Other major projects included the Abu Dhabi National Oil Company\u2019s USD 2.4 bn West to East Pipeline and the second phase of Adnoc Offshore\u2019s Umm Shaif Field\u2019s long-term development plan.<\/span><\/p>\n

Leading the growth:<\/strong> The UAE\u2019s oil sector surged by 179.4% y-o-y to USD 14.2 bn, the highest absolute growth in any sector, despite an overall dip in project awards. Meanwhile, the chemical sector saw the steepest decline in projects, plummeting 81.7% y-o-y to USD 958 mn. The transport sector also saw a 133.5% jump to USD 11.7 bn, while gas projects declined 54.7% y-o-y to USD 8.8 bn<\/p>\n

The construction sector remained the largest<\/strong>, accounting for 47.5% of total awarded contracts (USD 40 bn), though slightly down from USD 44.4 bn in 2023. <\/p>\n

HOW THE REGION FARED-<\/p>\n

Total GCC project awards climbed 9.6% y-o-y to USD 273.2 bn<\/strong>, the report said. Saudi Arabia led at USD 146.8 bn \u2014 over half the region\u2019s total \u2014 with the Kingdom\u2019s NEOM Trojena Valley Cluster Dam (USD 4.7 bn) among the largest contracts. Kuwait saw the highest percentage growth in awarded contracts, rising 50.7% y-o-y to USD 9.5 bn.<\/p>\n

Looking ahead, 2025 is set to be another strong year<\/strong>, with USD 120 bn worth of projects already in the bid evaluation stage, primarily in Saudi Arabia. The total GCC project pipeline stands at USD 1.5 tn, with Saudi Arabia (USD 770.5 bn) and the UAE (USD 322.5 bn) leading the pack with key upcoming projects, including the second phase of the USD 5 bn Taziz Industrial Chemicals Zone II and the USD 3.7 bn National Grid Battery Energy Storage System.<\/p>\n

Government-backed infrastructure spending and strong private-sector participation are expected to keep the GCC projects market robust<\/strong>, amid global economic uncertainties.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The construction sector accounted for 47.5% of total awarded contracts<\/p>\n","protected":false},"author":1,"featured_media":100200,"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":[1630],"tags":[324,143,7,161,1342],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infrastructure","tag-construction","tag-energy","tag-enterpriseam-uae","tag-infrastructure","tag-investment","wpautop","entry"],"acf":{"mongo_id":"bf88a413-6dd2-4161-b538-0fcf2731071e","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/258.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE saw projects decline 9.5% last year","related_issue":[100189],"teaser":"The construction sector accounted for 47.5% of total awarded contracts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.4fc0c56d-de05-493f-bfbf-6194a1036f33.mp3"},"yoast_head":"\nUAE saw projects decline 9.5% last year - 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