BNC Network report finds that KSA and UAE driving project developments and completions
The combined value of more than 26,000 GCC construction projects exceeded $2.52 trillion in June 2019, a report by BNC Network reveals.
According to the MENA project research and intelligence provider, Saudi Arabia leads the GCC, with its total value of construction projects worth $895.8 billion, followed by the UAE, with projects valued at $830.6 billion, according to the June issue of the BNC Projects Journal: The Next Construction Circus – Setting the Stage for Growth.
With regards to urban projects, BNC said that the total value of these developments exceeded $1.12 trillion last month. In this sector, the UAE led the GCC with $476.5 billion worth of urban construction projects, followed by Saudi Arabia with $406.2 billion worth of projects.
May 2019 saw new project announcements worth $5.3 billion recorded by the research and intelligence provider, while new contract awards were estimated at $1.7 billion. Project completions reached a massive $9 billion for the month, it added.
“The UAE and Saudi Arabia are pulling out all the stops – tearing down doors that impede trade, destroying business barriers and smashing the visa wall as its American ally does the diametric opposite,” remarked its CEO Avin Gidwani.
“The GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress,” he stated.
Despite a slowdown in activity during Ramadan, the UAE led projects announcements in the GCC – such as the $5 billion bunker fuel oil refinery in Fujairah – which are estimated at a healthy $17 billion for May.
In June, the value of 13,927 GCC urban construction projects under construction rose to $308.3 billion. The value of 4,980 urban construction projects in the concept, design and tender stages reached $256.1 billion, Gidwani added.
“With close to $19 billion worth of work completed, May 2019 registered relatively high project completions. The UAE alone saw $7.7 billion worth of projects completed, while Kuwait and Qatar also registered major projects completions with the successful handover of the $2.4-billion Sheikh Jaber Al Ahmad Al Sabah Causeway and two Red Line projects in Qatar worth $2.8 billion,” he concluded.