Qatar is anticipated to award some $31 billion worth of projects this year, according to asset management firm, Kamco, following a successful first quarter largely due to major $13 billion gas expansion contracts.
In the first quarter of 2021, the Gulf Cooperation Council (GCC) witnessed an incline in project awards reaching $26.3bn, more than double than that of last year’s fourth quarter.
“The growth came mainly on the back of a quarter-on-quarter increase in project awards in Qatar and Kuwait, while the rest of the GCC countries reported declines,” Kamco’s report stipulated.
Out of $26.3 billion projects awarded in the region, the gas sector saw as much as $17.83 billion, followed by construction $3.18 billion, power $1.61 billion, transport $1.57 billion, water $1.28 billion, oil $0.61 billion and industrials $0.22 billion.
When compared to Q1 of last year, “only Qatar reported a growth in project awards that resulted in a smaller decline at the aggregate GCC level at 3.5%. The higher number for Qatar mainly reflects the $13bn award for the Qatargas – LNG processing trains project,” the report added.
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