UAE to surpass Saudi as largest projects market
The UAE, Qatar, Oman and Egypt will push 6% overall growth in the Middle East in 2017, up from 5.3% last year, making it the fastest growing of any other region in the world
UAE is expected to be the largest projects market in the region this year, a spot formally dominated by Saudi Arabia since 2012, according to a report by BMI Research.
The shift is an effect of budgetary constraints in the kingdom linked to economic instability due to low oil prices, the report on the Mena infrastructure sector highlights.
In fact, the UAE, Qatar, Oman and Egypt will push 6% overall growth in the Middle East in 2017, up from 5.3% last year, making it the fastest growing of any other region in the world, The National reported.
"This outpaces long-time leading region sub-Saharan Africa, which will take longer to recover from the end of the commodity price super-cycle and struggles comparatively to Mena in attracting foreign investment in real estate and infrastructure," the report said.
Saudi Arabia is expected to reclaim its position as the biggest projects market in the region by 2020, as the UAE currently pushes through on projects before its Expo 2020 launch.