01 June 2017

It’s boom time for the GCC construction market with the value of new building contracts poised to hit $85.6 billion in 2017, up seven per cent over $79.5 billion last year, said a report.

The UAE tops the regional ranking with an estimated $40.5 billion building contractor awards coming up this year, followed by Qatar ($16.7 billion) and Saudi Arabia ($16 billion), according to the GCC Building Construction Market Report created by Ventures Onsite for The Big 5 Heavy, the Middle East’s largest event dedicated to the heavy construction industry.

The 2017 figures confirm the UAE construction market’s positive trend, after $32.6 billion worth of projects were awarded in 2016, the highest value registered since 2008.

Thanks to investments in housing, schools, health facilities and public buildings, Dubai’s construction industry is gaining momentum, stated The Big 5 Heavy report.

This is further enhanced by the build-up towards Expo 2020, which is expected to award 47 construction contracts worth $3 billion this year, it added.  

Construction development in the UAE is not confined within the borders of Dubai, with notable projects sprouting throughout the country, the report said.

Richard Pavitt, the event director of The Big 5 Heavy, said suppliers of building materials serving the GCC region can expect a robust growth in the coming years.

“With a number of mega projects underway, rebound of the regional construction sector will roll out its positive results starting from Q3 2017,” he observed.

Indeed, 45 per cent of the building projects in pre-construction phase in the region are in the design stage and 32 per cent in the tender for construction phase, promising a robust pipeline of business opportunities for construction players in the GCC.

Formerly known as Middle East Concrete (MEC) and PMV Live, the new standalone event, The Big 5 Heavy will host five different sections: Concrete, PMV, Roadworks, Mining and Building Materials Manufacturing.

Running from March 26 to 28 at the Dubai World Trade Centre, the event will offer CPD (Continuous Professional Development)-certified workshops with free training on the latest trends, innovations and business opportunities, as well as recruitment seminars.

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