Pakistan army says 300 hostages freed from train seized by militants    Philippines' Duterte in The Hague after ICC arrest over drug war    Trade war escalates as Trump pledges more tariffs    Grand Mufti rules against posting prayers and preaching in mosques on social media    Absher carries out over 430 million e-transactions in 2024    Haramain Railway operates over 3,400 trips with 1.6 million seats during Ramadan    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Man lives for 100 days with titanium heart in successful new trial    TGA: Minimum fine of SR5,000 for firms failing to deliver postal shipments    EU strikes back against US steel and aluminum tariffs with retaliatory package    Saudi and Turkish defense ministers discuss military cooperation in Jeddah    Al Hilal crushes Pakhtakor to storm into AFC Champions League quarter-finals    Mahrez magic sends Al Ahli into AFC Champions League quarter-finals    Al Taawoun edges Tractor in penalty thriller to reach AFC Champions League Two semi-finals    Hosting US-Ukraine talks reflects Saudi Arabia's balanced relations, Cabinet affirms    Saudi, US defense ministers discuss over phone efforts to strengthen security cooperation    Al-Jadaan and his US counterpart discuss ways to enhance financial and economic cooperation    Saudi Aramco CEO calls for a new global energy model at CERAWeek 2025    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCC construction sector to award $150b contracts by '13
Published in The Saudi Gazette on 28 - 05 - 2012

The GCC construction industry will witness a pick-up in project activity toward the second half of the year until 2013 with contract awards to reach a high of $150 billion, experts said at the recently concluded Arabian World Construction Summit 2012.
Attended by construction and projects industry stakeholders from across the Arab world, summit speakers presented a comprehensive overview of projects across key sectors and markets in the region.
Among the key milestones predicted in the next 12 months, based on the research presented by Ed James, Head of MEED Insights, include an acceleration of project spending in the Saudi market. Last year, the Saudi government awarded close to $70 billion in signed contracts, more than all the other GCC states combined, and is expected to increase expenditure as part of its ninth development plan. "Additional spending announcements following the region's unrest, the kingdom's projects market can only grow in the short to medium term," James added.
Qatar should start to see an upsurge in spending as World Cup gains momentum. And it could be a pivotal year for Kuwait with many of PTB's projects due to be awarded as well as the $30 billion downstream refining program. The UAE cannot decrease much further and should start to rise again. "In 2010, 229 projects due to be awarded were cancelled; this number fell to 137 in 2011. It is down to 109 this year and is set to drop to about 30 in 2013 as developers commit to more commercially viable schemes," continued James.
An expected surge in project activity is also expected in Iraq, as the IOC field concessions result in upstream spending and the political and security situation improves to allow for greater infrastructure investment. Mohammed Al Derajy, Iraq's Construction & Housing Minister, told the Arabian World Construction Summit that Iraq plans to build a total of 2.5 million homes by 2016.
A return to normalcy in Egypt could result in greater government spending, while high oil prices should result in stable spending levels in Iran. Libya has a huge potential that could possibly now be tapped with a new government in place. "We should also see an increase in project activity in Algeria as government pushes ahead with capital investment program. As such, we believe total MENA contract awards will climb to about $70-85 billon in 2012," James said.
Experts gathered at the Arabian World Construction Summit see the near and long-term trend for the Middle East projects market being largely positive. "Oil prices will remain high, while other project market drivers such as rising population and economic growth will remain. The Arab Spring unrest could even be an impetus for capital investment, although larger political, security and bureaucratic issues need to be addressed," said Edmund O'Sullivan, Chairman, MEED Events, organizers of the annual Arabian World Construction Summit.
Local contractors should face stiffer competition from Asian contractors now aggressively pursuing and winning projects. Overall, over next five years, GCC projects market is expected to stabilize around the $140 billion – 150 billion range while the greater Middle East market, boosted by Iraq, could hit as much as $100 billion.


Clic here to read the story from its source.