GCC airport construction 2015-19 to grow by 8%
by Neha Bhatia
The GCC's airport construction market will grow at a compound annual growth rate (CAGR) of 7.86% between 2014 and 2019, a report has found.
TechNavio's report, Airport Construction Market in the GCC Countries 2015-2019, states that airports offer numerous economic benefits to the region.
"GCC countries are well-known worldwide for the infrastructural achievements" provided by airports, such as job creation, tourism, and the facilitation of imports and exports.
"The oil-rich countries, in their efforts toward economic diversification, are investing heavily in transport infrastructure, such as roads, railroads, and airports," the report continues.
"Being positioned between the major economies of the East and the West, the geographic locations of GCC countries have made them an international aviation hub."
Additionally, international events such as World Expo 2020 in Dubai, Qatar National Vision 2030, and 2022 FIFA World Cup in Qatar, "considered as brand-building events by the respective nations, have necessitated massive airport construction activity in these countries", the report adds.
"With a few GCC countries trying to meet the existing gap in aviation infrastructure and the others trying to build-up supply ahead of the rapidly growing demand, these countries are witnessing remarkable levels of airport construction activity."