Kuwait Third in Gulf for July Contracts
The article focused on the decline in the value of contracts signed in the Middle East and North Africa during July, which totaled $20.4 billion compared to $26.2 billion in June. Since the beginning of the year, activity levels have decreased from a peak of around $40 billion in January and February, followed by a gradual decline. Meanwhile, the United Arab Emirates recorded the highest contract value in the region, totaling $10.9 billion, followed by Egypt with $6.6 billion. The transportation and gas sectors played a major role in these contracts, accounting for $6.7 billion and $6.5 billion respectively. Kuwait secured contracts worth $250 million, most notably a contract to build the headquarters of the Direct Investment Promotion Authority, with the project expected to be completed by 2028. Other countries such as Saudi Arabia, Iraq, Morocco, Tunisia, Bahrain, Syria, and Oman also signed memorandums of understanding with varying amounts. However, overall, there has been a significant decline in real estate and investment activity in the region during July.
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