GCC project contracts to hit $150bn
Dubai, November 6, 2013
The GCC projects industry is set to record its biggest-ever year with up to $150 billion worth of contracts due to be awarded in the 12 months up to the end of 2013, said business intelligence service Meed forecast.
“The primary driver of the region’s projects boom is a government drive to invest in national infrastructure in order to stimulate investment, create employment opportunities, to support long-term economic diversification and to meet the everyday needs of the region’s fast-growing population,” said Ed James, head of Meed Insight.
The UAE market is expected to improve on last year on the back of offshore oil and gas projects, the second phase of the Etihad rail project, and an improvement in the real estate sector.
Saudi Arabia remains the number one projects market in the region, with the recent award of the $22 billion-plus Riyadh metro contracts.
Qatar is seeing an acceleration in activity as it gears up for the 2022 Fifa Wold Cup, with more than $16 billion-worth contracts awarded in the first nine months of the year and is expected to hit close to $20 billion by year-end.
Kuwait’s launch of its mega refinery upgrade programme is expected to see double contract awards next year, while it remains a comparatively small market compared with its neighbours owing to political issues having constrained project activity.
Meanwhile, entries are open for the fourth Meed Quality Awards for projects, in association with Mashreq, to find the region’s ‘Project of the Year.’
Editorial director Richard Thompson said: “The GCC today is the world’s most happening market for major projects and world-class projects are underway across the region. Any project that is recognised by the awards will be truly outstanding.”
Previous winners of the ‘Project of the Year’ awards include Dubai’s Burj Khalifa (2011), the worlds’ tallest building; Qatar’s Pearl GTL project (2012); and Concourse A – Dubai International Airport (2013).
“Each year the competition increases and this year’s awards are set to be the most competitive ever,” said awards chairman Edmund O’Sullivan.
“Owners, developers, designers and contractors are not only competing for contracts, but also striving to deliver project excellence. Our goal is to recognise and celebrate their achievements and I am really looking forward to seeing this year’s candidate projects.”
The awards programme will recognise projects completed between January 2012 and December 2013 across several categories including oil and gas, industry, power and water desalination, water reuse, leisure and tourism, transport, social, building, sustainable projects and an award for innovation.
The deadline for submission of projects has been set for January 31, 2014 and winners will be announced in Dubai in May. - TradeArabia News Service