Saudi Arabia and the UAE powered a $139 billion Gulf projects rebound

Project contracts awarded across the Gulf reached $139 billion in the first half of 2026, Standard Chartered said. A contract award means a project has moved beyond planning to an agreement with builders, equipment suppliers, or other providers, opening the way for work and spending to begin. The UAE led total awards over the six months, while Saudi Arabia drove the rebound in the second quarter, according to the bank. The split shows why both markets were central to the region’s recovery, although awards are commitments and do not guarantee every project will be completed on schedule.