$32bn GCC urban projects on anvil
01 September 2017
As many as 801 construction projects with a combined estimated value of $32 billion are currently in the tendering stage in the GCC’s urban construction sector, according to a report.
These developments will serve as a strong pipeline of projects to be awarded in the near future, according to BNC Network, a comprehensive project research and intelligence provider in the region.
By the end of 2017, the combined total value of urban construction contracts is expected to reach $50.9 billion. While this is lower than the peaks seen in prior years, the volume of construction contracts is still tremendous and Dubai remains the most active construction market in the region, the report said.
BNC forecasting model suggests that there would be an increase of 29 per cent in the total value of contract awards to $65.6 billion in the urban construction sector in the GCC in 2018 followed by another one per cent growth to reach $66 billion in 2019.
The latest BNC Intelligence report shows that 292 contracts with a combined estimated value of $9.5 billion were awarded in the second quarter of 2017 within the GCC’s urban construction sector that includes commercial and residential buildings, hospitality, healthcare, retail, education, religious buildings, leisure and recreation and mega urban developments.
Some major contract awards in the second quarter include Deira Islands Mall project in Deira Island, Dubai; City Centre – Al Zahia in Sharjah; Yas Acres (Phase One) in Yas Island, Abu Dhabi; and Danat Al Lawzi in Bahrain.
The urban construction contracts constitute 80 per cent of the contracts awarded for all sectors in the GCC, translating to 49 per cent of the total contracts value, it said.
Avin Gidwani, chief executive officer of BNC Network, said: “New project announcements by major developers till now – will go into tender next year and trigger increased construction activities across the GCC.”
- GCC project awards to stay steady
- $2.8bn wastewater project gathers pace
- Euro Auctions set for first Mideast sale
- Cultural centre wins top award
- Qatar unveils design of sixth stadium
- Duqm refinery awards EPC jobs
- $32bn GCC urban projects on anvil
- Work launched on Marassi Shores
- Over 123,500 hotel rooms being built in MEA
- Kuwait to tender major solar plant
- $1bn Bahrain medical city makes headway
- Masdar signs deal for wind farm
- Safety milestone at solar plant
- $117m City Centre Sohar on cards
- Nama seeks consultants
