GCC infrastructure awards to exceed $86bn in 2014
Infrastructure project awards across the GCC are forecast to exceed $86billion in 2014, an increase of 77.8 percent compared with 2013.
New figures released by construction intelligence firm Ventures Onsite show a dramatic increase in contract awards across the region, in every country except Saudi Arabia.
Qatar will award projects worth $26.2billion compared with just $9.4billion last year while Kuwait is expected to award $3.45 billion, almost 10 times the previous year.
In the UAE, $15.18billion will be awarded, almost five times the 2013 contracts, while in Oman infrastructure awards are expected to reach $7.4billion - up $5.5billion on 2013.
Meanwhile Bahrain, which awarded $382million last year, is expected to award $3.4billion.
Saudi Arabia’s forecast award of US29.34 billion - the highest in the region - represents a decrease year-on-year, however last year’s total awards of $33.6billion included the $22.5billion Riyadh Metro project.
Infrastructure projects make up 16 percent of the total construction value of GCC projects, and rail projects like the Riyadh Metro are the main beneficiary. According to Ventures, it is estimated the rail sector is worth $200 billion as the six countries aim for an integrated GCC-wide network by 2018.