Infrastructure project awards across the GCC are calculated to surpass $86 billion (Dh315.62 billion) in 2014, an upsurge of 77.8% over 2013.
New figures released by construction intelligence firm that show a dramatic increase in contract awards across the region, in every country not including Saudi Arabia. Qatar will award projects worth $26.2 billion compared with just $9.4 billion last year while Kuwait is expected to award $3.45 billion, almost 10 times the previous year.
In the UAE, Dh96.154 billion will be tendered, almost five times the 2013 contracts, while in Oman infrastructure awards are expected to arrive at Dh27.158 billion up from Dh20.185 billion on 2013.
In the meantime Bahrain, which awarded Dh1.4 billion last year, is approximated to award Dh12.478 billion.
Infrastructure projects composition 16% of the total construction value of GCC projects and rail projects like the Riyadh Metro are the main beneficiary. It is estimated the rail sector is worth $200 billion as the six countries aim for an integrated GCC-wide network by 2018.
Infrastructure is a key focus for discussion sessions at this year’s Middle East Concrete and PMV Live exhibitions. On the first day there will be a group assembly entitled ‘Market update and future forecast of the Middle East’s infrastructure sector’ which will look at the key concerns the region has to overcome.
Rail networks generate a more sustainable civilization that is not dependent on one mode of transport for travelers and goods. In addition the environmental advantages of using railways have been documented comprehensively and the rail projects will create a range of job opportunities as well as high-tech engineering positions.