Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

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: