Sunday 20 August 2017

Gulf project awards slumped in H1 but will pick up: MEED study

Gulf project awards slumped in H1 but will pick up: MEED study:

"Contracts awarded to build economic projects in the Gulf's rich Arab oil exporting states slumped in the first half of this year but are expected to pick up in the second half, a data service tracking the industry said on Saturday.

Awards in the six-nation Gulf Cooperation Council dropped to $56.1 billion in the January-June period from $69.3 billion a year earlier, according to MEED Projects. Low oil prices have forced governments in the region into tough austerity policies.

With the exception of Saudi Arabia, where contract awards rose 12 percent from a year ago to $15.8 billion as the government showed signs of spending a little more freely with a modest improvement in its budget position, awards fell in every GCC state."



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