UAE Leads Gulf in Contract Awards Surge
The total value of awarded projects in the UAE soared to an unprecedented USD 79.5 billion, marking a 2.7-fold increase year-on-year, compared to USD 29.7 billion in 2022. The UAE secured its position as the second-largest projects market in the GCC, expanding its share of total projects from 27.1% in 2022 to 37.9% in 2023, with an impressive $49.8 billion absolute growth in contract awards during the year.[?]
The report attributes this success to the country’s thriving economy and efforts in economic diversification.
UAE Economy Diversification and Construction Boom
In 2023, the gas sector secured the position of the second-largest industry in total contract awards, reaching USD 19.6 billion.[?]
In contrast, the water sector claimed a distant third with USD 5.6 billion in contract awards. A standout project in the gas sector was Adnoc Gas’s USD 1.3 billion initiative involving two pivotal contracts for its sales gas pipeline network across the Emirates. These developments highlight the diverse landscape of contract awards in the UAE, with the gas sector significantly shaping the nation’s economic course.
In 2023, the UAE experienced the awarding of several notable projects, including a significant USD 5.1 billion contract secured by Al-Yah Satellite Communications Company (Yahsat). The contract involves providing satellite capacity and services to the UAE government for 17 years. Yahsat will be responsible for operations, maintenance, and technology management under this substantial agreement.[?]
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