Iraq leads region in project growth with $12 billion gain

Shafaq News- Baghdad

Iraq recorded the region's strongest increase in project value between May 15 and June 19, adding $12 billion in new projects to lift its total project pipeline to $429 billion, according to the latest MEED Projects Index.

Iraq's project market grew 2.8% during the period, supported by the $3 billion North Oil Company (NOC) integrated development project at the Ajil oilfield advancing to the study phase.

Across the Gulf, the regional project market expanded for the fifteenth consecutive month, adding $66 billion to reach $5.08 trillion. The UAE and Oman each posted project growth of 2.8% and 3%, respectively, while Qatar also expanded. Saudi Arabia was the only Gulf market to record a decline, with project values falling by $10 billion, or 0.5%, to $2.16 trillion.