Gulf projects endure regional conflict

Expectations indicate that the second half of the year will see the awarding of massive projects in the Gulf region led by Saudi Arabia and the United Arab Emirates, despite rising shipping and insurance costs. Amid ongoing investment programs, second-quarter data shows that economic activity remains strong despite the repercussions of the war on the region, with efforts to diversify export pathways and reduce reliance on the Strait of Hormuz. Major projects are anticipated to emerge, such as the approximately $15 billion sixth line project for Riyadh Metro and expansion projects at Dubai Airport and chemical facilities, by the end of 2026 and the beginning of 2027. Although contract values declined by 26.1% in the second quarter compared to the previous period, they increased by 32% year-on-year, continuing to support Gulf economies, particularly in the transportation and construction sectors.

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