“Confidence is returning to GCC construction”
Sentiment in the GCC’s construction community has improved during the past six months, according to Greg Kane, WSP | Parsons Brinckerhoff’s Middle East MD
In an interview with Construction Week, Kane said that confidence was returning to the market not only in spite of external challenges but, perhaps, because of them.
“The oil price has remained low for more than 18 months and, while that has had an impact, it hasn’t resulted in construction activities grinding to a halt,” he explained. “As this situation has persisted, I think that our industry has come to realise that it can continue to function well, in spite of low oil prices.”
Kane also noted that the oil price has improved of late, climbing from its sub-$30 low to approximately $45 per barrel.
This uptick, Kane argued, could also serve to boost confidence within the GCC’s construction sector.
“We have seen a slight improvement in the oil price of late,” he said. “Will this continue? Who knows? It’s certainly not my job to predict the price of oil. However, we have seen an improvement, and the general sentiment is that this will continue.
“In my opinion, confidence is a self-fulfilling prophecy; it engenders more confidence,” Kane added.
To read Kane’s full interview, check out issue 620 of Construction Week, which will be published on 20 September, 2016.