Infrastructure project awards across the six-nation Gulf region (GCC) are forecast to exceed US$86 billion in 2014, an increase of 77.8% over 2013, new figures released by construction intelligence firm Ventures Onsite showed.
The firm’s new figures show a dramatic increase in contract awards across the region, in every country except Saudi Arabia.
In the U.A.E., US$15.18 billion will be awarded, almost five times the 2013 contracts, while in Oman infrastructure awards are expected to reach US$7.4 billion – up US$5.5 billion on 2013. Meanwhile Bahrain, which awarded US$382 million last year, is expected to award US$3.4 billion this year, said Ventures Onsite.
Qatar will award projects worth US$26.2 billion compared with just US$9.4 billion last year while Kuwait is expected to award US$3.45 billion, almost 10 times the previous year.
Saudi Arabia’s forecast award of US$29.34 billion – the highest in the GCC region – represents a decrease year on year. However, last year’s total awards of US$33.6 billion included the US$22.5 billion Riyadh Metro project.
According to Ventures Onsite, infrastructure projects make up 16% of the total construction value of GCC projects, and rail projects like the Riyadh Metro are the main beneficiary.
The firm says it is estimated the rail sector alone is worth US$200 billion as the six countries aim for an integrated GCC-wide network by 2018.
Source : WAM News Agency for United Arab Emirates
