MEED: Kuwait Ranks Third in the Gulf in Anchored Contracts in July, Valued at $250 Million
Mideast reported that Kuwait signed contracts worth a total of $250 million in July, securing third place in the Gulf region for the value of contracts awarded last month.
This comes amid a decline in the value of contracts granted in the Middle East and North Africa to $20.4 billion, compared to $26.2 billion in June, as project awarding activity was affected by developments in the region.
The magazine added that these figures reflect a shift from the high levels recorded at the beginning of the year, when contract values reached approximately $40 billion in January and February, before declining to around $26 billion in March, then to $18 billion during April and May, before regaining some momentum in June.
The transport and gas sectors accounted for the largest share of contracts signed in July, with values of $6.7 billion and $6.5 billion, respectively.
Mideast clarified that Kuwait recorded two contracts worth a total of $250 million in July, the largest of which was valued at approximately $232 million and awarded to China State Construction Engineering Corporation for the implementation of the permanent headquarters of the Direct Investment Promotion Authority in East City, Kuwait.
The magazine added that the United Emirates topped the region’s countries with a total of $10.9 billion in contracts, primarily driven by deals related to the gas cap and surface pressure enhancement project at the Um Shaif field in Abu Dhabi, with a total value of approximately $6.2 billion.
According to Mideast, Egypt came in second place with a total of $6.6 billion, the majority of which came from a contract to implement the second phase of the fourth line of the Greater Cairo Metro project.
The total value of contracts awarded in Saudi Arabia reached $1.9 billion in July, compared to $9.9 billion in June, with a notable contract worth $261 million for the construction of a building for hotel sector employees as part of the Qiddiya project.
On the other hand, Mideast noted that Iraq recorded two contracts worth a total of $500 million in the oil and gas sector, the most prominent of which was a contract awarded to Abaraj Al-Kut for Oil Services from Basra Gas Company to implement a project for the exploitation of low-pressure gas at the sixth gas compression station in the West Qurna-1 field.
In Morocco, the Moroccan Agency for Sustainable Energy (MASEN) awarded the Saudi company ACWA Power a project to expand the Khalladi wind farm by adding approximately 40 megawatts, with an investment estimated at approximately 550 million Moroccan dirhams, or about $60 million.
In Tunisia, an Indian company won a contract for the design, supply, and installation of double-circuit overhead lines at 400 kilovolts as part of the Elmed electricity interconnection project between Tunisia and Italy, with a contract value of approximately $36 million.
In Bahrain, the Electricity and Water Authority awarded a contract to build nine 66-kilovolt substations in the Kingdom. In Syria, the Syrian Holding Company selected the Contractors Union Company as the contractor for design and execution works in the Damascus Financial Center project, estimated to cost approximately $600 million.
