GCC projects to hit $1.35 trillion by 2013-end
Abu Dhabi, May 12, 2013
The GCC projects industry is expected to have another stellar year in 2013 as the value of contracts to be awarded is poised to reach $1.35 trillion by year-end, significantly higher than the $730 billion total last year, said an expert ahead of a major event in Abu Dhabi.
The 'MEED Quality Awards for Projects' ceremony will be held in association with Ernst & Young on May 14 at the Jumeirah at Etihad Towers in Abu Dhabi.
The data from MEED shows that Saudi Arabia leads the region with close to $600 billion projects to be awarded, followed by the UAE with slightly more than $350 billion contracts and Kuwait with a little over $150 billion, remarked Edmund O’Sullivan, the chairman of Meed Events, the organisers.
Between Qatar, Oman, and Bahrain, more than $250 billion are expected to be awarded this year, he stated.
“The huge projects being delivered across the GCC today are the foundation for the region’s long-term success. Through the MEED Quality Awards for Projects, we seek to support this vital activity by recognising and celebrating the best achievements in the GCC projects industry,” remarked O’Sullivan.
Among the companies which have made outstanding contributions to the growth of the projects industry in the region, two will be given special recognition by MEED at the forthcoming MEED Quality Awards for Projects ceremony.
Athens-based Consolidated Contractors Company (CCC) will receive The Angus Hindley Award for Project Excellence 2013 for its outstanding contribution to the development of the region over the past six decades.
CCC was one of the first Arab construction companies when it was established in 1952.
Since then it has grown to become one of the world’s biggest construction companies and has installed more than 16,000 kilometres of pipeline and constructed facilities for the production of more than four million barrels a day of oil.
It has set the benchmark for excellence in project execution and reliability in the region, said the organisers.
CCC’s portfolio of landmark projects includes the Pearl GTL project in Qatar, the world’s largest gas-to-liquids project and the winner of the MEED Quality Awards for Projects supreme GCC award last year; and the Borouge Ethylene Cracker 2 in Abu Dhabi, the largest ethylene cracker in the world.
The Angus Hindley Award for Project Excellence 2013 seeks to commemorate the life and work of MEED’s former Research Director, Angus Hindley, who distinguished himself as one of the world’s leading experts on the Middle East.
Saudi Arabian Mining Company (Ma’aden) will receive the MEED Editor’s Award, an honour given each year to a person or organisation that stands out not only for specific achievements, but also for what it represents in terms of leadership and vision, in being a role model for the region.
Since its formation by royal decree in 1997 with a mandate to develop the kingdom’s mineral resources, Ma’aden has expanded the Saudi mining sector from a focus on gold mining to four major business lines covering gold and base metals, phosphates, aluminium, and industrial minerals.
Through this award, MEED seeks to recognise Ma’aden’s vision and success in developing the mining and minerals sector as a major new pillar of Saudi industry. Ma’aden’s achievements will provide careers for generations of young Saudis and will support the diversification of the kingdom’s economic base.
“The region’s projects industry has made remarkable strides, completing some of the biggest and most complex projects in the world which have contributed to the impressive growth of GCC economies on the whole. We congratulate the winners of the special awards for their commitment to project excellence and look forward to their continued success,” said Richard Thompson, the editor of Meed.
The highlight of this year's event will be the announcement of the GCC winners in 11 different categories – Mashreq Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year, Lafarge Sustainable Project of the Year and the MEED Quality Project of the Year – with thirty of the highest quality projects in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE competing for the projects industry’s most sought-after quality recognition programme.-TradeArabia News Service