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Home Digital Construction Construction

Value of GCC project increases in Q2 2023

August 30, 2023
in Construction, Digital Construction
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The value of GCC construction project awards – including buildings, infrastructure and industrial – increased in Q2 2023 in the Digital Construction Hub Projects Awards Tracker.

Q2 2023 awards for the building, infrastructure and industrial sectors were valued at $39.9bn, compared with $19bn in Q2 2022, a sharp rise of 110%. GCC spending on projects in Q2 2023 were high as investments in non-oil sectors are proving critical to the GCC countries’ ability to withstand global economic pressures and are in line with their visions.

Oman’s projects market recorded $20bn in awarded construction contracts, overtaking the UAE ($9.8bn) and Saudi Arabia ($8.9bn). While higher oil prices have contributed to the overall rise in this segment of the GCC’s projects market in Q2 2023, it is Oman’s clean energy plans that prompted its major increase in project awards.

The country is pushing ahead with its hydrogen production plans and awarded contracts to begin building the required facilities, including the Green Hydrogen Project Block Z1-01 in SEZAD, worth $8bn.

Second quarter awards across all sectors were valued at $78.3bn, compared with $27.24bn in Q2 2022. In Saudi Arabia, $26.7bn-worth of contracts in the projects market were awarded, overtaking the UAE ($18.4bn) and Oman ($20.1bn).

As part of the kingdom’s Vision 2030, Saudi Arabia will continue to implement a wave of reforms that underline its dedication to diversifying the economy. The Public Investment Fund (PIF) and the National Development Fund (NDF) will continue to provide additional stimulus to the economy and the projects market.

Overall, Saudi Arabia, the UAE and Oman continued to account for the largest value in contracts awarded in Q2 2023.

Among the top 10 projects awarded to contractors in Q2 2023, most were in Saudi Arabia and the UAE, including a combined $4bn across two Neom-based projects. The UAE saw increased project spending across all sectors, including a 43% rise in construction and infrastructure, due to several significant contracts being awarded.  

The largest project awarded to contractors was Qatar’s North Field South Project – 2 Liquefied Natural Gas Mega Trains worth $10bn. Oil and gas constitutes the backbone of Qatar’s economy. Qatar exerts efforts to diversify its sources to remove its dependence on these natural resources. Qatar will embark on an intense period of negotiations with international LNG clients in 2023 with the aim of securing long-term fixed contracts for its existing and future expanded LNG production. 

GCC Major Projects Awarded to Contractors in Q2, 2023
NameClientContractorEst. Project Value ($m)Country
North Field South Project – 2 Liquefied Natural Gas Mega TrainsQatarEnergy (Formerly Known as Qatar Petroleum), Qatargas, TotalEnergies, Shell, ConocoPhilipsConsolidated Contractors Company (CCC), Technip Energies10,000Qatar
Green Hydrogen Project Block Z1-01 in SEZADHydrom (Hydrogen Oman LLC)Copenhagen Infrastructure Partners (CIP) , Suhail Bahwan Group, Blue Power Partners8,000Oman
Amiral Petrochemical – Mixed Feed Cracker – Package 1Saudi Aramco Total Refining & Petrochemical Company (Satorp)Hyundai Engineering & Construction Company Ltd.3,000Saudi Arabia
Neom Business City – TROJENA – The LakePublic Investment Fund (PIF)Al Ayuni Investment & Contracting Company, Limak, Turkey, Power Construction Corporation of China (PowerChina), Webuild2,000Saudi Arabia
Neom Business City – The Line –  South Rail Line ConnectorPublic Investment Fund (PIF)Webuild, Shibh Al Jazira Contracting Company ( Shibh al-Jazira Establishment ), Land Laboratories2,000Saudi Arabia
1500 Emirati Residential Development in West BaniyasAbu Dhabi Housing Authority (ADHA), Department of Municipalities and Transport, Abu DhabiTrojan General Contracting1,716UAE
Renewable Energy Program –  2,000 MW Solar Plant  Ar Rass 2 – Qassim provincePublic Investment Fund (PIF), Renewable Energy Project Development Office (REPDO)Larsen & Toubro1,500Saudi Arabia
Al Habtoor City – Habtoor TowerAl Habtoor GroupChina Railway 18th Bureau Group1,226UAE
Serenia Living in Palm JumeirahPalma HoldingKhansaheb Civil Engineering681UAE
Al Ula Eco Tourism Schemes – Sharaan Resort & Nature ReserveRoyal Commission of Al UlaBouygues Construction, Almabani General Contractors, Saudi Arabia300Saudi Arabia
Source: Ventures Onsite
GCC Top Clients who announced major projects in Q2, 2023 (All project sectors – Buildings, Industrial, Infrastructure, Power & Water and Oil & Gas)
Company NameCountry in which projects announced
Hydrom (Hydrogen Oman LLC)Oman
Saudi AramcoSaudi Arabia
Abu Dhabi National Oil Company (ADNOC)UAE
Sarh Airport Development and Real Estate InvestmentSaudi Arabia
Public Investment Fund (PIF)Saudi Arabia
Abu Dhabi Executive CouncilUAE
ACWA Power International, Saudi ArabiaSaudi Arabia
Department of Municipalities and Transport, Abu DhabiUAE
Ministry of Environment, Water & Agriculture, Saudi ArabiaSaudi Arabia
Dubai Properties GroupUAE
GCC Top Contractors who won major projects in Q2, 2023 (All project sectors – Buildings, Industrial, Infrastructure, Power & Water and Oil & Gas)
Company NameCountry(ies) in which projects won
Consolidated Contractors Company (CCC) / Technip EnergiesQatar
Copenhagen Infrastructure Partners (CIP) / Suhail Bahwan Group / Blue Power PartnersOman
Arabi EnertechOman
BP GlobalOman
Hyundai Engineering & Construction Company Ltd.Saudi Arabia
Larsen & ToubroSaudi Arabia / Kuwait
Jan De Nul DredgingUAE
Maire TecnimontSaudi Arabia / UAE
Orascom Construction / MetitoUAE
Trojan General ContractingUAE
Source: Ventures Onsite

Tags: Project Awards
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