Podcast: Will rising oil prices fuel Middle East construction?
Construction Week's latest podcast episode explores whether stronger oil prices will increase building activity in the Middle East
Should the Middle East brace itself for a hike in infrastructure spending after oil prices hit a four-year high of $81 per barrel last month?
Featuring exclusive comments from Deloitte, Bloom Holding, and Laing O'Rouke Middle East, Construction Week Viewpoint's latest episode explores what stronger crude values mean for the Middle East's construction sector. Construction Week's deputy editor and senior reporter, Oscar Rousseau and Jack Ball, also drill into the potential knock-on effects of rising oil prices for public sector-funded construction projects.
Sameh Muhtadi, chief executive officer of Abu Dhabi-based developer Bloom Holding, said the rising oil prices was a "positive" development.
“It will impact the budgets that the authorities have and that is going to encourage additional investment, whether that’s in infrastructure or industry, so it can only be a positive. As long as oil is above $60 per barrel we are in very good shape,” he told Construction Week.
However, Bart Cornelissen, managing partner at Monitor Deloitte Middle East, said the industry should not expect prices to pass $100 per barrel – a value that the market has not witnessed since 2014.
Listen to the full podcast here.
New episodes of Construction Week Viewpoint are published every Monday at noon.
Previous episodes have welcomed expert guests such as Chris Seymour from Mott MacDonald, as well as explored why Saudi Arabia is in a race to build more hospitals and why preserving the UAE's architectural heritage is more important than ever before. The podcast has also explored why rail projects remain on track in the region, despite reports of stalls and delays.
In addition to the weekly podcast series, a behind-the-scenes video of the podcast can be found on Construction Week's YouTube channel.
Please remember to subscribe to Construction Week's YouTube and SoundCloud accounts to stay up-to-date with the latest on Middle East construction. To volunteer yourself or a colleague as a guest speaker on Construction Week Viewpoint, please contact Oscar Rousseau.