The value of projects awarded across the GCC rose 30% from a year earlier in the second quarter to $59.4 billion, supported by higher contract activity in Saudi Arabia and Oman, according to a report by Kamco Invest, a regional non-banking financial powerhouse with one of the largest AUMs in the region.

Saudi Arabia's project awards increased 53.6% year-on-year to $30 billion, while Oman recorded a 341.7% jump to $5.9 billion and Kuwait's awards rose 49.1% to $2 billion.

By contrast, project awards in the UAE fell 5.4% year-on-year to $20.5 billion, while Qatar's declined 40.8% to $931 million. Bahrain also recorded a year-on-year decline, the report said.

On a quarterly basis, the value of projects fell 25.4% with declines across most Gulf states except regional heavyweight Saudi Arabia over the first quarter.

Saudi Arabia was the only GCC market to record quarter-on-quarter growth, with contract awards rising 160.4% to $30 billion, while Oman recorded a 341.7% jump to $5.9 billion. Kuwait's awards rose 49.1% to $2.0 billion.

According to MEED data cited in the report, contract awards across the Middle East and North Africa fell from $35.5 billion in February to $19.2 billion in March, before easing further to $16.3 billion in April and $16.8 billion in May.

Qatar posted the steepest decline, with awards falling to $931 million from $9.3 billion in the first quarter.

By sector, oil and gas was the only segment to register quarter-on-quarter growth, with contract awards rising 269% to $13.7 billion. Awards across all other sectors declined during the quarter.