INSEAD Day 4 - 728x90

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Salik profit slips in H1

The company said traffic recovery supported resilience.

Alpha Dhabi profit jumps 48%

AI and technology investments boost earnings.

Agthia profit, dividend jump

Transformation lifts earnings, cash generation.

2PointZero reports strong H1

Expansion drives earnings, revenue growth.

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: