Around US$12.9bn worth of energy projects were awarded in the GCC in the Q1 2020 registering a 53 per cent QoQ hike, according to the 17th edition of the BNC projects journal Code Blue
Oil and gas projects worth US$7.3bn billion were awarded across the GCC in the Q1 2020.
The total value of contracts awarded in the Q1 2020 was US$23.5bn, while US$3.1bn worth of contracts were awarded in March. The energy sector registered US$12.9bn worth of project awards in the Q1 driven by the UAE and Saudi Arabia with 42 per cent and 40 per cent contribution respectively.
The GCC Construction sector registered a four per cent YoY growth in March which was primarily driven by the energy sectors with oil and gas and the utility sector expanding by 16 per cent and seven per cent YoY respectively. The industrial sector grew marginally by four per cent YoY while the GCC transport sector contracted by five per cent YoY.
