Dubai: Infrastructure project awards across the GCC are forecasted to exceed $86 billion in 2014, an increase of 77.8 per cent over 2013, Ventures Onsite, said yesterday.
Ventures Onsite, a construction intelligence firm headquartered in Abu Dhabi, released figures which show a substantial increase in contract awards across the region in every country except Saudi Arabia.
In the UAE, $15.18 billion is expected to be awarded to infrastructure projects, almost five times the 2013 contracts, while Oman will expect infrastructure awards to reach $7.4 billion, up $5.5 billion from 2013. Bahrain, which awarded $382 million last year, is projected to award $3.4 billion in 2014.
Meanwhile neighbouring GCC countries Qatar and Kuwait also expect increases in spending, with Qatar awarding projects worth $26.2 billion compared to $9.4 billion last year, and Kuwait expected to award $3.45 billion, almost 10 times the previous year, states Ventures Onsite.
Saudi Arabia’s forecast award of $29.34 billion — the highest in the region — represents a decrease year on year, however last year’s total awards of $33.6 billion included the $22.5 billion Riyadh Metro project, the company said.
Infrastructure projects make up 16 per cent of the total construction value of GCC projects, and rail projects like the Riyadh Metro are the main beneficiary. Ventures estimated the rail sector is worth $200 billion as the six countries aim for an integrated GCC-wide network by 2018.
