6.9% annual growth for MEA construction, says CIC
Construction Intelligence Center (CIC) predicts that Middle East and Africa (MEA) region’s construction sector will grow by an average of 6.9% annually in 2016-20
The Middle East and Africa (MEA) region’s construction industry will grow by 6.9% annually in 2016-20, according to Timetric’s Construction Intelligence Center (CIC).
The predicted rate of growth, which is higher than the 4.9% average achieved during the period 2011-15, is expected to be driven in large part by regional investment in major infrastructure initiatives.
Sina Zavertha, economist at CIC, said: “Much of this will be driven by massive investment in infrastructure, particularly rail networks; both mass transit metro systems in major cities and intra-regional rail links.”
In addition, the research outfit identified a series of developments, including Jeddah’s Kingdom Tower and Dubai’s Marina 101, as important skyscraper projects currently underway in the region.
CIC added that aside from infrastructure spending, multimillion dollar residential and commercial projects in GCC countries like Saudi Arabia, Qatar, and the UAE, would contribute significantly to industry growth.