News dalla rete ITA

4 Luglio 2019

Arabia Saudita - Kuwait - Bahrein - Qatar - Emirati Arabi Uniti - Oman

GCC CONSTRUCTION PROJECT VALUE TOPS $2.52 TRILLION IN JUNE

The combined value of the more than 26,000 construction projects across the GCC has exceeded Dh9.25 trillion ($2.52 trillion) in June, according to a report by BNC Network, a key project research and intelligence provider in the Middle East and North Africa (Mena) region. Regional heavyweight Saudi Arabia leads the GCC in the total value of construction projects worth $895.8 billion, followed by the UAE with projects valued at $830.6 billion, according to the June 2019 issue of the BNC Projects Journal: The Next Construction Circus – Setting the Stage for Growth. In the journal, BNC offers the latest industry news and information along with detailed analysis and the current market outlook of the construction sector – which is crucial for those involved in construction, sub-contracting, mechanical, electrical and plumbing (MEP) as well as building materials supply businesses. The journal has been created to encapsulate the essence of these construction analytics, daily project stories and socio-economic happenings that influence construction. On the urban construction projects scenario, BNC said the total value of these developments exceeded $1.12 trillion last month. The UAE led the GCC region with urban construction projects worth $476.5 billion followed by Saudi Arabia with projects valued at $406.2 billion, it stated. In May, new project announcements worth $5.3 billion were recorded by BNC Network and new contract awards estimated at $1.7 billion while project completions reached a whopping $9 billion for the month. "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. Gidwani pointed out that despite a activity slow down 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. The value of 13,927 GCC urban construction projects that are under construction rose to $308.3 billion in June. The value of 4,980 urban construction projects that are in concept, design and tender stages reached $256.1 billion, he stated. “With close to $19 billion worth of work completed, May 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 added. (ICE DUBAI)


Fonte notizia: Trade Arabia