13 August 2014 | By Joe Quirke
The total value of infrastructure projects across the Gulf Co-operation Council (GCC) is set to reach $86bn this year, according to construction intelligence firm Ventures Onsite.
This would be an increase of 78% on last year.
There was a significant increase in contract awards for all countries across the region, except Saudi Arabia, where the amount of work awarded has fallen from $34bn to $29bn. This fall is partly caused by the boost to last year’s figures caused by the $22.5bn Riyadh Metro project.
The kingdom remains the the biggest spender in in the GCC, followed by the Qatar, the UAE and Oman, Kuwait and lastly Bahrain.
Qatar is the market that expanding most rapidly: it is expected to award contracts worth $26bn this year, compared with $9bn in 2013; Oman is set to award infrastructure projects worth $7bn up from $5bn. Kawait and Bahrain will both commission work worth about $3.4bn.
According to the report, infrastructure projects make up 16% of the total construction spend in the GCC. The rail sector in the region is worth an estimated $200bn, boosted by the six countries plan for a system that will connect all the countries in the GCC.
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