As many as 801 construction projects with a combined estimated value of Dh117.44 billion ($32 billion) are currently in the tendering stage in the GCC's urban construction sector, according to a report.
These developments will serve as a strong pipeline of projects to be awarded in the near future, according to BNC Network, a comprehensive project research and intelligence provider in the Middle East and North Africa (Mena) region.
By the end of 2017, the combined total value of urban construction contracts is expected to reach $50.9 billion. While this is lower than the peaks seen in prior years, the volume of construction contracts is still tremendous and Dubai remains the most active construction market in the region, the report said.
BNC forecasting model suggests that there would be an increase of 29 per cent in the total value of contract awards to $65.6 billion in the urban construction sector in the GCC in 2018 followed by another one per cent growth to reach $66 billion in 2019.
The latest BNC Intelligence report shows that 292 contracts with a combined estimated value of $9.5 billion were awarded in the second quarter of 2017 within the GCC's urban construction sector that includes commercial and residential buildings, hospitality, healthcare, retail, education, religious buildings, leisure and recreation and mega urban developments.
Some major contract awards in the second quarter include Deira Islands Mall project in Deira Island, Dubai; City Centre - Al Zahia in Sharjah; Yas Acres (Phase One) in Yas Island, Abu Dhabi; and Danat Al Lawzi in Bahrain.
The urban construction contracts constitute 80 per cent of the contracts awarded for all sectors in the GCC and in dollar terms this translates to 49 per cent of the total contracts awarded, it said.
“Events like Dubai Expo 2020 along with stabilisation of the oil price and the drive of the various GCC countries to achieve economic diversification and increase in the living standards will play a vital role in the construction industry contract awards,” Avin Gidwani, chief executive officer of BNC Network, said.
“As the economic growth is expected to pick up pace next year, we expect increased construction activity across the board in 2018. New project announcements by major developers that have taken place from 2016 till now – will go into tender next year and trigger increased construction activities across the GCC,” he added.
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