Friday 5 June 2020

$13.8bn projects announced across GCC in July

DUBAI, August 21, 2019

Projects worth $13.8 billion (Dh50.6 billion) were announced across the GCC in July 2019, a 140 per cent growth month-on-month, according to BNC Projects Journal.
The energy sector registered the highest value in terms of new project announcements worth $9.2 billion, a Khaleej Times report quoting the journal said.
The energy sector also led contract awards with $3.7 billion in awards, and project completions during the month, equalled 90 per cent of project completions seen during the whole of Q2 2019.
Saudi Arabia awarded projects worth $3.3 billion and Oman announced new projects worth $5 billion in July.
Earlier, BNC Construction Intelligence reported that the six GCC countries saw the announcement of $125 billion (Dh458.75 billion) worth of new projects during the first six months of 2019, including $63.5 billion (Dh233 billion) announced in the second quarter of 2019.
These are part of the estimated 27,000 active projects live in the GCC, worth $2.52 trillion (Dh 9.25 trillion) at the end of H1 2019.
Saudi Arabia was the frontrunner in terms of the $63.5 billion (Dh233 billion) project announcements, comprising 50 percent of the total project announcement in the second quarter of 2019.
During the first half of 2019, project owners in the GCC countries have also awarded new construction contracts worth $49 billion (Dh180 billion), a 33 percent jump compared to the corresponding period in 2018, BNC said.
“GCC project awards during first half of 2019 and the second half of 2018 were consistent, saved by the exponential growth in contract awards seen during the first half of the year and the major spike in utility contract awards during the first quarter of 2019,” said Avin Gidwani, chief executive officer of BNC Network.


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