GCC building contracts to hit an all-time high of US$85.6bn

2762602506 9361826f5e zThe building industry in the Middle East is expanding with new projects and properties. (Image source: cswalken/flickr) The Big 5 Heavy, Middle East’s largest event for the heavy construction industry, is expected to grab global contracts worth US$85.6bn in 2017, up seven per cent from US$79.5bn in 2016 for the regional construction market, states GCC Building Construction Market Report

According to the report, the UAE tops the regional list of ranking, receiving approximately US$40.5bn contractor award which is the highest value registered since 2008. It will be followed by Qatar (US$16.7bn) and Saudi Arabia (US$16bn).

The research report also states that the Middle East construction market is gaining highest momentum in construction business, and gets global investments for various housing, schools, health facilities and public building projects. The investment has been further enhanced by the upcoming Expo Dubai 2020 event which is expected to award 47 construction contracts worth US$3bn this year.

Construction work is at its high-pitched pace in the entire Middle East region, with Abu Dhabi building 1,300 luxury hotel rooms in the Saadiyat Island, and 3,500 hotel rooms in the city as a part of Abu Dhabi’s tourism expansion program to boost up the economy.

The pre-construction phase consists of 45 per cent of building projects in the design stage and 32 per cent in the tender stage, thereby providing excellent business opportunities in the GCC. The two megaprojects in the design stage attracting investment from the renowned construction industry players are Dubai South’s “The Villages” and “The Pulse”, valued worth US$6.8bn and US$6bn, respectively.

The Big 5 Heavy, the erstwhile Middle East Concrete (MEC) and PMV Live, aims to provide an exclusive platform for the heavy construction industry to collaborate, network, and find new business opportunities.

The event, running between 26 to 28 March 2018, will host five sections on Concrete, PMV, Roadworks, Mining and Building Materials Manufacturing. It will have CPD certified workshops with free training on the latest market trends, recruitment seminars for job aspirants, latest product exhibition for infrastructure industry etc.

Richard Pavitt, event director of The Big 5 Heavy, says, “With a number of mega projects underway, rebound of the regional construction sector will roll out its positive results starting from Q3 2017.”

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