The construction industry in the GCC is expected to regain the spotlight as $83.5 billion worth of projects will be carried out in 2014 compared to
last year’s $70 billion.
A new market report was released stating that the sector is currently assessed at $1.3 trillion, of which a share of $938 billion is allocated in the pipeline projects. The rest accounts to projects which are either in design or study phases, or already tendered.
The report specified the countries showing a noticeable growth which includes the UAE, Saudi Arabia, and Qatar. Kuwait and Bahrain’s growth are also picking up, but Oman is said to be worth looking forward to in terms of the development of its infrastructure and tourism industry. At the end of 2013, the country posted $15.5billion on railway development including the construction of a new town in Duqm.
The Government will continue to focus on infrastructure projects and from there, jobs will be created and by the Expo 2020 event in UAE, an estimate of 300,000 jobs will materialize and 30% of it comes from the construction sector.
There will be an increase in the demand for resources and talent, and there’s optimism that a well-schemed and phased development plan will avoid the rising of price and to make these resources and skills more reasonable and inexpensive.