GCC Construction Contract Awards to hit US$194 bn in 2015

Posted on 19th June 2015 in Articles

Note: The article has been updated on 27th July, 2015

The GCC construction industry continues to witness strong activity in the building and infrastructure sectors regardless of the predicted adverse economic impact of the consistent plunge in oil prices.

The total value of construction contract awards across the GCC is expected to reach US$194 billion in 2015, of which the building and infrastructure sectors alone are estimated to hit US$141 billion in 2015 (The figures are based on project schedules as of July 2015 taking into account buildings, infrastructure and energy sectors). The numbers were at one stage looking to reach nearly US$ 205 billion as per the estimates in Q1 2015, but recent news on the increasing speculation of whether or not Qatar will lose out on the FIFA World Cup 2022 have slowed down some projects in Qatar, which have impacted the numbers.

Qatar, UAE and KSA are expected to continue their leadership streak as the hottest building and infrastructure construction markets for the year. Some of the major projects awarded to contractors in the 1st half of 2015 include the following:

Project NameCountry
1Metro Phase 1 SystemsQatar
2New Doha Port Buildings & Infrastructure packagesQatar
3Warner Brothers Entertainment Theme ParkUAE
4Polo Residences in Meydan CityUAE
5MMRT Phase - 1Saudi Arabia
6Riyadh Airport Terminal 3&4 ExpansionSaudi Arabia
7Mohammed Bin Khalifa Specialist Cardiac Hospital in AwaliBahrain
8Ariva Tower in Amwaj IslandBahrain
9National Bank of Oman HeadquartersOman
10New Equate HeadquartersKuwait

Source: www.venturesonsite.com

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