GCC Construction 2014

By: Editor In Chief
    
Sat 10 January,2015

GCC Construction 2014




Filed Under:

 

Construction projects awarded across the GCC are forecast to reach $195.67 billion this year, an increase of nearly $35 billion compared to 2013, according to a new report. 

Contractor awards in the building and infrastructure sectors will make up $134bn by the end of this year, up from $119.05bn in 2013.

Saudi Arabia with $64.29 billion constituted the largest share of the contracts awarded in 2013, followed by the UAE at $28.06 billion while the UAE, Qatar and Saudi Arabia are likely to lead growth in the construction market over the next few years.

Ventures Middle East said in the report for the Big 5 construction conference that all GCC economies except Bahrain and Oman are projected to continue expansion for the next six years, with heavy investments planned irrespective of their budgetary balances.

It said that between 2014 to 2019 there is likely to be "tremendous activity across the key focus areas of the budgets, primarily infrastructure including transportation, roadways, airports and ports and tourism".

The report added that with the UAE hosting the World Expo in 2020 and Qatar the World Cup FIFA event in 2022, these two economies along with the largest construction market Saudi Arabia are likely to be the key economies to watch out for in the next few years.

"While these events are definitely giving the required boost to Dubai, Abu Dhabi and Doha where these events are scheduled to be hosted, the spillover effects of the heavy construction and economic activity surrounding these events will feed the growth of the region’s building construction sector," Ventures said.

It also noted that the growing needs of the region’s population is also likely to have a positive impact on the construction sector.

After a brief lull in 2013, the report said GCC governments took stock of the existing progress made toward their developmental goals, the pace of project development and the continued global and regional turmoil, and decided to push their spending in 2014.

 

Large budgets were allocated toward speeding up projects in the infrastructure sector and resuming mega projects earlier slowed down or put on hold across key markets such as Saudi Arabia and the UAE, leading to these nations being perceived by global investors as a safe haven for investment.
 
 
But the report warned that the biggest challenge all nations in the GCC are likely to face in their growth will be the heavy demand on the materials and labour as countries compete to build within the given resource constraints. -




LEADERSHIP AND ENTREPRENEURSHIP

EVENTS & CONFERENCES

NETWORKING
Related Posts
An interview with President James Michel
  James Alix Michel is the third President of the Republic of Seychelles, having been elected to OFFICE in July 2006 and re-elected for a second term in May 2011. A ...
READ MORE
VISION MEETS ACTION
Today it is one of the UAE’s most prominent business houses. The group is involved in various fields of operations such as Contracting & Civil Engineering, Manufacturing of Reinforced Plastic, ...
READ MORE
Dubai Chamber
HE Hamad Buamim was appointed as a member of the BOARD OF DIRECTORS of Dubai World in December 2010 and is the Director General of Dubai Chamber of COMMERCE & ...
READ MORE
Sheikh Saleh Kamel
Sheikh Saleh Abdullah Kamel, Chairman of the Jeddah Chamber of Commerce and Industry, the Islamic Chamber of Commerce, and Founder and Chairman of the Dallah Al Barakah Group, on the ...
READ MORE
Cyprus anticipates 3m tourists in 2016
Cyprus anticipates 3m tourists in 2016 The Cyprus Tourism Organisation (CTO) is aiming for arrivals in 2016 of 2.9 million following last year’s record of 2.7 million   CTO chairman Angelos Loizou, speaking ...
READ MORE
Spain’s largest hotel group expands in the GCC
Marko Janssen has been with Melia Hotels International for over 15 years, coming most recently from Melia Zanzibar in Africa, where he has successfully repositioned the property and took over ...
READ MORE
Saudi’s economic outlook
  HE DR. IBRAHIM BIN ABDULAZIZ AL-ASSAF The global economic recovery is beginning to expand to include more of the developed countries. However, a number of challenges remain, particularly the monetary ...
READ MORE
Still growth in UAE’s tourism
The report, obtained by Abu Dhabi-based www.hotelandrest.com website, showed the sector’s value added would reach Dh60 billion this year, its highest level. The report forecast the value to jump to Dh80 ...
READ MORE
www.hdnicewallpapers.com
Business, Events, Medical and Eco-Tourism – Dubai has these days become a popular destination for different types of tourism. The UAE has in recent years firmly established itself as one of ...
READ MORE
William Wagner Geneva
In collaboration with Art Space Dubai, the CEO and Founder of Swiss luxury brand William Wagner Geneva, Ramzi Charaf-Wagner proudly hosted the global launch of his new brand consisting of ...
READ MORE
An interview with President James Michel
VISION MEETS ACTION
Dubai Chamber
Sheikh Saleh Kamel
Cyprus anticipates 3m tourists in 2016
Spain’s largest hotel group expands in the GCC
Saudi’s economic outlook
Still growth in UAE’s tourism
UAE Tourism more than just sun, sand and
William Wagner Geneva