Social and transport infrastructure projects will offer contractors opportunities
Market research firm, Deloitte Middle East has said construction projects in the GCC region, particularly around social and transport infrastructure, will offer contractors opportunities valued at up to $500bn.
“Construction contracts alone, worth $40bn were awarded to contractors in the first quarter of 2011, 47% of which were in the energy sector,”said Cynthia Corby, audit partner Deloitte Middle East and leader of the Construction industry for the UAE.
Of the biggest investments currently underway is Qatar’s plan to spend $100bn in preparation for hosting the 2022 World Cup, and Saudi Arabia’s capital spend programme approaching $400bn over the next 10 years alone, Deloitte said in the report.
The UAE is ranked as the second largest market with investments worth $9bn allocated to buildings, infrastructure and energy sectors in the first quarter of 2011.
Abu Dhabi, in particular accounted for 70% of the total $20bn of contracts awarded between the first and third quarters of last year, the report said.