A. SREENIVASA REDDY (ABU DHABI)
The total value of projects awarded in the UAE reached $20.5 billion in the second quarter of 2026, 5.4% below the $21.6 billion recorded in the same period last year, according to MEED Projects data.
Despite the moderate year-on-year decline, the UAE remained the GCC’s second-largest projects market during the quarter, accounting for 34.4% of the total value of contracts awarded across the region, Kamco Invest said in its latest GCC Projects Market Update.
Oil projects led contract awards in the UAE, accounting for 56.4% of the quarterly total. Awards in the sector reached $11.5 billion, compared with $230 million in the second quarter of 2025.
Construction was the second-largest segment, with projects worth $6.74 billion awarded during the quarter. It was followed by transport at $1.09 billion and water projects at $766 million. Industrial project awards stood at $155 million, while the power and gas sectors recorded $140 million and $30 million, respectively.
The medium-term pipeline also remains substantial. The UAE accounts for 26.1% of the $2.05 trillion in planned and unawarded projects across the GCC, giving it the second-largest share after Saudi Arabia. The value of upcoming UAE projects stood at about $533.3 billion.
The country also represents 35% of the total value of GCC power projects currently in the planning and execution stages, according to the report.
The outlook is further supported by ADNOC’s planned spending. The company intends to allocate $54.4 billion from its $150 billion five-year capital expenditure budget to new contract awards between 2026 and 2028.
Around 70% of the planned awards will be directed towards upstream oil and gas projects, while the remaining 30% will support downstream developments.
Across the GCC, the aggregate value of contracts awarded reached $59.4 billion in the second quarter of 2026, down 25.4% from $79.6 billion in the previous quarter but 30% higher than the $45.7 billion recorded in the same period last year.
The largest share of upcoming projects in the GCC region is in construction, which accounts for 39.5% of the regional pipeline. Transport represents 16.3%, followed by power at 15.6%.