The report by Venture Middle East predicts that Saudi Arabia will be the highest spender, with US$69.62bn-worth of projects set to be awarded, followed by the UAE with US$47.16bn.
The highest increase in the amount of projects awarded is likely to be in Kuwait, with a 150% to US$27.7bn - up from US$11.17bn last year. The report describes the country as the "emerging star" of the Gulf markets.
Major projects include a US$6bn expansion of Kuwait City's international airport, a US$7bn metropolitan transport network and the revival of its causeway project connecting Kuwait City and the dense southern part of the country to the north, including the planned Silk City scheme.
Qatar is also likely to witness a significant increase in contract awards this year as it continues to build its infrastructure in preparation for the 2022 FIFA World Cup. Spending in the country is set to grow by 75% in 2014 to US$31.66bn.