Qatar was the second-largest projects market in the Gulf Co-operation Council (GCC) during 2021, owing to a better-than-usual $19.4bn contract awards in the first quarter (Q1) of 2021, according to Kamco Invest, a Kuwait-based regional financial powerhouse.
Kamco Invest reported that contract awards in the country were increased by more than 93 percent year on year to $25.1 billion in the fiscal year 2021. In terms of sectors, Qatar’s gas sector received the most projects in 2021, accounting for $19.3 billion in contracts and representing more than 77 percent of all projects given in the country that year.
During Q1-2021, Qatargas, a subsidiary of state-owned QatarEnergy, awarded a $13 billion liquefied natural gas (LNG) contract to a group of French and Japanese energy companies including Chiyoda and Technip for the first phase expansion of the North Field.
For the first phase extension of the North Field, Qatargas, a subsidiary of state-owned QatarEnergy, granted a $13 billion liquefied natural gas contract to a group of French and Japanese energy corporations including Chiyoda and Technip in Q1-2021. Qatar’s total project awards dropped to $272 million in the fourth quarter (Q4) of 2021, down from $2.8 billion in the same period of 2020.
According to the report, Qatar’s government has stated that the country expects the four-week-long FIFA World Cup would add about $20 billion to Qatar’s economy. Combined with the easing of COVID-19 pandemic restrictions and the normalization of ties with the Gulf sister countries, Qatar is expected to record solid economic growth.
Saudi Arabia, UAE and Qatar represented 88.7 percent of the GCC contract awards in 2021 witnessing a 6.3 percent rise from 2020. Saudi Arabia, the GCC’s largest projects market, recorded the biggest year-over-year increase in the value of contracts awarded that reached $42.4 billion in 2021 compared to $22.2 billion in 2020.
Related: Qatar and Morocco sign pacts to deepen bilateral cooperation