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[size=36]Iraq market gains raise Gulf projects value to more than $26 billion[/size]
Economy | 01:54 - 07/28/2024
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Mawazine News - Baghdad
The MEED Projects GCC Projects Index rose 0.7% between June 7 and July 12, driven by a rise in value in the Iraqi projects market. The Iraqi projects market gained $26.3 billion, or 7%, due to the revitalization of plans to build a national high-speed railway network across the country.
On the other hand, the value of the UAE projects market rose by about $10.6 billion, or 1.3 percent, while the Saudi projects market contracted by a similar amount of $13.9 billion, albeit by 0.7 percent, bringing its value down to around its mid-May value. Other Gulf markets saw relatively little change, with Qatar’s projects market adding $3.9 billion, or 1.7 percent,
Bahrain's projects market added $2 billion or 2.9 percent, while Oman's projects market added $0.2 billion or 0.1 percent.
The GCC projects index was valued at $3.447 trillion, up 0.1% from the previous period, while the broader Gulf index rose 0.7% to $4.138 trillion.
This marks the 16th consecutive month of upward momentum in the GCC regional projects market and the wider Gulf region, which includes Iraq and Iran, as renewed ambitions for rail projects in the region have been a factor in the index’s recovery since March 2023.
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