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  • 01-02-23

    Report: Saudi Arabia stays biggest projects market in GCC last year

    (MENAFN) Saudi Arabia stayed the biggest projects market in the GCC throughout last year registering an overall of USD54.2 billion value of deals granted in contrast with USD53.9 billion in the year before, as shown by Kamco Invest.

    Other nations in the Gulf Cooperation Council, however, saw a fall in venture awards throughout last year because of rising international financial obstacles. The overall worth of deals handed out fell by 18.7 percent to USD93.6 billion from USD115.2 billion the prior year, as mentioned in the report.

    This was the worst venture awards figure in almost two decades (2005), barring the epidemic-triggered decrease in 2020, the regional non-banking economic powerhouse located in Kuwait asserted.

    The decrease of GCC deal awards was impacted by peak inflation and continuing supply chain issues, majorly because of China’s intermittent COVID-19 sanction’s which are currently lifted, it also mentioned.

    Saudi Arabia, the UAE and Qatar accounted for a total of 93.6 percent of the overall worth of deals granted in the GCC throughout the year.

    MENAFN01022023000045014228ID1105506695

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