Low oil prices take toll on Oman, Saudi and UAE projects | GulfNews.com:
"The value of projects awarded across the GCC increased 9.9 per cent quarter on quarter in the first three months of 2015 with the growth coming mostly from Qatar and Kuwait, according to data published by Abu Dhabi Commercial Bank (ADCB).
The value of GCC projects awarded rose to the highest level in the first quarter of 2015 seen since the second quarter of 2014. But the increase was limited to Qatar and Kuwait posting 287 per cent and 72 per cent increase in project awards, respectively.
“All other GCC countries saw quarterly falls in the value of projects awarded, with Oman (-43.3 per cent) and the UAE (-35.6 per cent) seeing the largest drops, to below their two-year averages in both cases. The impact of the lower oil price was also seen, with a number of projects placed on hold or cancelled, including chemical (Qatar) and hydrocarbon (Saudi Arabia) projects,” said Monica Malik, Chief Economist of ADCB."
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