Total value of contracts awarded in Qatar saw a 116% jump year-on-year this third quarter (Q3) as Doha's successful bid to host the 2030 Asian Games laid solid foundation for the projects market, Kamco Invest, a regional non-banking entity, has said.In contrast, total value of contracts awarded across the GCC (Gulf Co-operation Council) region fell after four of the six countries recorded year-on-year decreases in project awards during Q3-2025 as geopolitical conflict in the Middle East continue to persist and weigh on risk appetite, Kamco Invest said in its latest report, quoting MEED Projects.Total value of contracts awarded in Qatar surged by 115.9% year-on-year to $13.6bn in Q3-2025."This growth was partially driven by preparations relating to Qatar’s successful bid to host the 2030 Asian Games, which is expected to catalyse a vast array of industrial and infrastructure projects aimed at building, preparing, and upgrading facilities for the event," Kamco said.In the first nine months of 2025, the total value of projects awarded in Qatar improved 27.6% year-on-year to $20.5bn.In terms of sectoral performance, the oil and gas sectors led with the highest values of contracts awarded during Q3-2025 at $6bn and $5bn, respectively.Moreover, total value of projects awarded in the power sector reached $2.3bn in Q3-2025, up from zero awards in Q3-2024. Notable projects awarded during the quarter included about $4bn of contracts won by China Offshore Oil Engineering for the Bul Hanine offshore oil field, located 120 KM offshore in the Gulf waters.The scope entails maintenance and increased oil production at the Bul Hanine field, including installation of four wellhead platforms requiring 80,000 tonnes of fabrication work, expansion of existing offshore production stations, and construction of living quarters.The GCC region saw 27% year-on-year plunge in aggregate value of awards to $54.8bn in Q3-2025, the second-lowest figure in the last ten quarters. This downturn was primarily driven by a sharp contraction in project awards in Saudi Arabia, together with a similar weak performance in the UAE, both of which saw significant year-on-year declines in awards during the period.However, contract awards are expected to gain momentum in the fourth quarter of 2025, driven primarily by recoveries in Saudi Arabia and the UAE."Despite a strong project pipeline, overall project awards in 2025 in the GCC are expected to decline and fall short of the 2024 record contract awards,” Kamco said.Overall, the GCC’s pipeline of pre-execution stage contracts totals $1.78tn. The construction sector holds the largest share of the contracts in the pipeline at 35%, equivalent to $624.2bn, followed by transport ($300bn) and power ($294.2bn).According to MEED, the GCC power sector has at least 29 independent power projects (IPPs) at the bidding or bid-evaluation stages, mainly led by Saudi Arabia and the UAE.One of the notable leading power projects under tender or in bid evaluation in the near term is the 3,000MW Al-Sadawi 2 solar IPP.
October 10, 2025 | 09:11 PM