# New construction projects in the Gulf plunge 37% — retained record

> Retained news record from news:semafor.

Canonical: https://highsignal.app/data/records/d3844101f0ab6091

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source: [news](https://highsignal.app/data/news) (news:semafor)  published 2026-10-09 15:41 ingested 2026-10-10 02:49

[original source ↗](https://www.semafor.com/article/10/09/2026/new-construction-projects-in-the-gulf-plunge-37)

## retained text



```
The war caught up with the Gulf’s construction sector last quarter. Project awards across the region fell 37.2% from a year earlier to $47.4 billion, according to Kuwaiti investment firm Kamco Invest. Every country was down by double digits; Oman all but stopped signing contracts, with awards falling 96.6%. Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending.
For the rest of the year, there are still some $2.05 trillion of planned projects in the pipeline, half of them in Saudi Arabia. Whether they get built is another matter: NEOM has halted work on The Line until after 2030 and faces a $16 billion bill to cancel contracts. This month, the kingdom shelved a stadium promised for the 2034 men’s soccer World Cup.
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document fetched 2026-10-10 02:49 · canonical https://semafor.com/article/10/09/2026/new-construction-projects-in-the-gulf-plunge-37