INSEAD Day 4 - 728x90

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

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: