Sharjah projects awards to hit $3bn
Sharjah, May 13, 2014
The total value of project awards for Sharjah this year could reach $3 billion, which is 25 per cent higher than 2013 and would represent Sharjah’s best ever year, said Meed Projects.
Over the two years to the end of 2013 a total of $5.1 billion worth of projects were awarded in Sharjah with more than 90 per cent of the awards in the construction/ real estate sector, Meed Projects said. This a 300 per cent increase over the previous two-year period to end 2011. Awards totalled $2.7 billion and $2.4 billion in 2012 and 2013, respectively.
Looking ahead to the next five years, there are some interesting projects covering niche sub-sectors such as industrial construction and renewable power generation. Major projects currently under consideration in these sectors include waste management, recycling and waste-to-energy projects worth nearly half a billion dollars, it said.
Sharjah is investing heavily in its transport infrastructure too, with $2.3 billion worth of projects planned. Overall, Meed Projects has identified $6 billion worth of projects scheduled for award in Sharjah between now and 2018, said a statement.
“Sharjah is just beginning to capitalise on its earlier investments in Hamriyah Free Zone and Khorfakkan” said Julian Herbert, director of Meed Projects. “Based on economic growth and growth in the population of the UAE as a whole, this emphasis on transport, the processing of recyclable materials and manufacturing, positions Sharjah well to grow in tandem with the UAE.”
Over the two years to 2013, the transport sector was the second most active with just over 8 per cent ($402 million) of awards followed by the power sector with 2 per cent. Some of the major contracts awarded during the first quarter of this year include $95 million worth of awards by Dana Gas for the Zora Gas Field Development and some $200 million worth of private sector real estate projects. - TradeArabia News Service