Giga-Project Awards Have Fallen Since 2023: What It Means

Headlines about slowing giga-projects can make rental planners nervous, but the numbers tell a more specific story. Awards, which measure new contracts signed, are not the same as work under way, and both differ from the pipeline of work still to be awarded. This article reads the MEED award figures reported by Skift and explains what they mean for a contractor deciding how much equipment to commit and for how long.

The award figures

Awards peaked in 2023 and have declined each year since, mainly because of NEOM. Qiddiya and Diriyah took most of this year's awards. MEED expects King Salman International Airport, Expo 2030 and 2034 World Cup stadium work to pick up from 2027.

Reading the numbers correctly

Three points help. First, awards fall when a programme is mostly contracted, as well as when it slows down, so a lower number does not always mean less work on site. Second, work from earlier awards continues for years, which keeps equipment busy long after the award date. Third, the shift in where awards land matters more to a rental company than the total: a fall at one programme and a rise at another changes where machines should be, not whether they are needed.

What it means for contractors

When programmes move, owned machines can sit idle. Renting by project stage lets contractors match the fleet to the work in front of them, and extend or release equipment as start dates shift. This is the clearest argument for rental in a market where project timing is uncertain.

• Match fleet to the stage you are in, not the whole programme.
• Agree monthly or long-term rates with clear extension and release terms.
• Watch where new awards land and prepare documents for those clients early.
• Book operators and riggers ahead of expected 2027 airport, Expo and stadium work.

A practical way to track the pipeline

Do not wait for a contract headline to book equipment. Follow three signals instead: which contractors have won packages, what stage their work has reached and when their next mobilisation is likely. A package awarded in the autumn may bring site establishment, earthmoving and temporary power in the first months, then cranes and access equipment as structures rise, and finally fit-out equipment. Mapping a package to those stages tells you what to offer and when.

What rental companies should do differently

In a market where awards move between programmes, rental companies need three habits: keep documents ready for many clients at once, hold a fleet that can serve more than one programme type, and quote transport clearly because the next work front may be hundreds of kilometres from the last. Flexibility is not only about price. It is about being able to say yes within a day, with the right machine, the right paperwork and the right crew.

For contractors, the simple rule is to match commitment to certainty. Where the scope is firm and the start date is close, a longer hire gives a better rate. Where either is uncertain, choose shorter terms with an option to extend.

Keep an eye on the next set of awards: a single large package can shift demand toward cranes in one city and earthmoving in another within a few months.

When you review a new award announcement, ask three questions: who won the package, what stage is the work in, and when does the contractor expect to mobilise. The answers tell you whether to prepare documents now or wait.

Your own order book is the best forecast. Compare it with the public figures every quarter and adjust fleet commitments before the gap grows.

Related services and guides

• Construction equipment rental
• Excavator and earthmoving rental
• Rent or buy construction equipment
• Giga-projects status 2026

Sources: Skift, 28 Oct 2026, citing MEED