Research shows value of infrastructure contracts in the six GCC countries increased by 11% in 2009
Projects planned or under way in the six countries of the Gulf Cooperation Council total $200bn (£130bn), according to research from the organisers of a regional construction summit.
In 2009, almost $52bn worth of contracts were awarded in the Gulf Cooperation Council (GCC) region, which is made up of Kuwait, Bahrain, Saudi Arabia, Qatar, UAE and Oman, the research found.
Edmund O’Sullivan, one of the organisers of the summit, said: “The total value of infrastructure contracts increased by 11% to $15bn in 2009, from $13bn in 2008. There are significant opportunities in key areas such as infrastructure, transportation and housing and they will continue to lead the construction industry for years to come.”
Saudi Arabia alone will require 1.2m new homes by 2015 and its Ministry of Commerce and Industry expects a shortfall of up to 200,000 homes per year. Qatar has a construction industry worth over $10bn and continues to rise steadily.
The Arabian World Construction Summit will be held on May 24-26 in Abu Dhabi.