INSEAD Day 4 - 728x90

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Global economic woes take toll on GCC contracts

  • The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
  • The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.

In the third quarter of 2022, project awards in the Gulf Cooperation Council countries contracted largely because of global economic challenges. High inflation and the West’s sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China’s intermittent Covid-19 restrictions intensified the decline. TRENDS takes a look at the project awards in the GCC countries: