The United Arab Emirates topped the Gulf Cooperation Council countries as the largest market for new projects during the third quarter of this year, with contracts worth $3.7 billion.
The UAE, Saudi Arabia and Qatar accounted for 96% of the total value of contracts awarded at the level of the Gulf Cooperation Council countries during the third quarter of this year.
The projects market in the UAE recorded the highest total value of awarded contracts in the GCC during the third quarter of 2022, according to MEED data and Kamco Invest research.
Despite taking the lead in terms of projects awarded in the third quarter of 2022 in the Gulf Cooperation Council countries, the total value of projects awarded in the UAE during the third quarter of 2022 decreased by 5.9% on an annual basis and by about 11.9% on the monthly basis.
The UAE accounted for 33.5% of the total value of contracts awarded between the countries of the Gulf Cooperation Council during the third quarter of this year, compared to Saudi Arabia, whose share reached 31.8%.
Among the major projects awarded during the third quarter in the UAE was a $548 million contract awarded by ADNOC Marine to the National Petroleum Construction Company to build a new main gas pipeline in the Lower Zakum field off the coast of Abu Dhabi.
The award of the project is expected to increase gas production in the Lower Zakum field from 430 million standard cubic feet per day to 700 million standard cubic feet per day. The new pipeline aims to accommodate the expected increase in the volume of associated gas that will be produced from the Lower Zakum field, which is expected to rise to more than 450,000 barrels of oil per day.
The project is expected to be completed by 2025 and includes the construction of a 36-inch-thick and 85-kilometre undersea pipeline extending from the West Zakum complex to Das Island.
