17 January, 2017
Article length: 82 words
Project activity slumped in 2016
Specialist projects tracker MEED Projects says the net value of projects underway around the region fell in 2016 by $61bn, the first time the figure has fallen since it began collecting data in 2004. While $105bn of contract awards were made in 2016, this was outweighed by the $166bn of contacts completed during the year. Almost all markets saw activity decline last year, with the one exception being Bahrain, the smallest market. Saudi Arabia performed worst, with a net loss of $30bn.