01 November 2014

The GCC region is expected to spend more than $90 billion on education-related construction projects by the end of 2014, according to a report.

This high spending makes the education sector one of the biggest for contractors and suppliers with the population in the GCC forecast to increase from 50.6 million in 2014 to 55.8 million by 2018, according to a report by Ventures Middle East.

 Saudi Arabia has emerged as the biggest investor in education in the region with an expected spending of $56 billion, the report stated.

 The country will construct 465 new schools and refurbish 1,500, alongside 1,544 existing school construction projects. It is also building eight new colleges and new vocational and technical facilities.

Kuwait comes next with an allocation of $10.5 billion for the education sector (about 14 per cent of its 2013-14 annual budget) followed by Qatar which has set aside $7.2 billion, up 7.3 per cent over the previous year, the report said.

In the UAE, $2.6 billion or about 21 per cent of its 2014 budget is being spent on schools and all new buildings, according to the report.

Oman has announced plans to spend $6.8 billion, about 18.6 per cent of the total public expenditure, to provide free basic education to all its nationals, while Bahrain has allocated $2.2 billion for the fiscal year 2013-14.

The report was compiled by Ventures Middle East for The Big 5 show, which opens in Dubai, UAE, this month (See Special Preview).

“There are huge business opportunities for suppliers who understand the education sector. The GCC has a young demographic and governments are investing heavily in education,” stated Andy White, the event director for The Big 5.

• Doka well placed to serve rail boom
• Kanoo Machinery teams ups with aerial lifts giant
• GCC to invest $90bn in educational projects
• Oman to construct first wind farm
• $100m Bahrain corniche project gets under way
• Omagine signs deal to develop $2.5bn hub
• Aerial platform launched in Bahrain
• Work under way at five Fifa venues
• HJB wins $51m Sohar deal
• $300bn rail boom under way in Mena
• Grohe fittings for Kempinski
• Kuwait to spend $38bn by year-end
• Road work starts
• Qatar awards $22bn contracts in nine months
• BEC to use RWI insulation products
• Update

Tags

The Big 5 Special Hotels & Luxury Villas Northern Emirates Crushers & Screens Paints & Coatings Demolition Waterproofing Just Out Legally Bound Regional News Saudi Focus UAE Focus Events Diary of Events Tenders Real Estate Interiors Contractors Manufacturers & Procurement

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.