01 June 2016

The pipeline of projects planned in the GCC states to date amounts to $2 trillion, it was revealed at a summit of construction sector leaders in Dubai, UAE.

Delegates attending the Meed Construction Leadership Summit late last month were told at a briefing hosted by leading professional services firm Deloitte that Saudi Arabia leads the region in terms of the value of projects in the pre-execution stage, with 38.91 per cent of the total value, followed by the UAE with 34.84 per cent.

Qatar is next with an 8.57 per cent share, then Kuwait with 8.22 per cent. Oman follows with 6.48 per cent with Bahrain having a 2.97 per cent share of the market.

Cynthia Corby, partner, Middle East Infrastructure and Capital Projects Leader, Deloitte said that to maintain the momentum in the project pipeline and in the face of austerity concerns, “it would be necessary to innovate, perhaps with a drive towards privately financed solutions”.

The growth of the projects sector will depend on several factors, including the speed of enacting legislation, restructuring, prioritisation of project plans, and the ability to obtain funding, according to Ed James, director of content and analysis, Meed Projects. “But more importantly, governments’ commitment to maintain spending to keep the economy moving will be a key factor in driving the industry forward through the challenging times,” he said.

“Significant opportunities still exist and public-private partnerships are high on the agenda as a way to leverage private funding,” said Chris Palfreyman, director, infrastructure owner/operator, Bentley Systems.

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• Qatar leads the way in smart buildings
• Kuwait to award $1bn city deal
• Acwa group wins Oman IPP deal
• Naseej awards CanalView contract
• Bahrain’s housing project on track
• Smartsource offers diverse green portfolio to region
• Manitowoc partners with Samson on new cranes
• Update
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