Value of new GCC building contracts to hit $85.6bn in 2017
The value of new building contracts in the GCC is likely to hit $85.6bn in 2017, a year-on-year increase of 7%, according to Ventures Onsite and The Big 5 Heavy
The overall value of new building contracts awarded in the GCC in 2017 is expected to hit $85.6bn.
This is the conclusion of the GCC Building Construction Market Report, which was created by Ventures Onsite on behalf of The Big 5 Heavy.
If accurate, the figure would represent an increase of approximately 7%, compared to the $79.5bn of new construction contracts awarded in the GCC in 2016.
The UAE tops the regional ranking, with an estimated $40.5bn (AED148.8bn) of building contractor awards predicted during 2017. Qatar is in second place with $16.7bn (QAR60.8bn), and Saudi Arabia is in third with $16bn (SAR60bn).
The UAE also topped the GCC league table in 2016, with $32.6bn worth of project awards – the highest figure since 2008.
Approximately 45% of building projects in the GCC are in the pre-construction phase, while 32% are at the tendering stage, according to Ventures Onsite.
The Big 5 Heavy will replace the Middle East Concrete (MEC) and PMV Live events, which were previously collocated with The Big 5 exhibition in Dubai.
The inaugural The Big 5 Heavy will run from 26-28 March, 2018 at Dubai World Trade Centre (DWTC) in the UAE.
Ventures Onsite’s full market report is available to download here.