According to a research conducted by MEED Projects for the Arabian World Construction Summit in Dubai, the GCC construction sector is poised to make a sound rebound, with projects worth $286 billion set to be awarded between 2012 and 2016.
A breakdown of project values to be awarded in the GCC revealed Saudi Arabia would be leading the trend with projects worth over $119bn. The UAE and Qatar follow with $75 billion and $26 billion respectively.
Neighbouring Oman hopes to award more than $30 billion projects, followed by Kuwait with over $25 billion projects up for tender, and Bahrain with $10 billion.
“There is cause for optimism in the infrastructure and construction sector. This kind of growth cannot be seen anywhere else in the world, and is still driven by huge petrodollar reserves. However, with the construction sector picking up pace, GCC economies are likely to benefit and experience a positive increase in their GDP in the next four years,” said Edmund O’Sullivan, chairman, MEED Events, organisers of the annual Arabian World Construction Summit.
The report said many other opportunities will be discussed at the Arabian World Construction Summit, where project data and information for every single market will be comprehensively presented and reviewed. Leading companies will also be attending the forum to share their experiences and future business plans in the region’s markets.
The emerging markets of North Africa will also feature prominently at the 2012 Summit with Libya getting most of the attention as projects stalled due to the civil war will be revived and new projects will be tendered as the country seeks to rebuild and improve its infrastructure.