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The value of contracts awarded in the GCC should grow by at least 10 per cent in 2012 to about $150bn, MEED Insight Head Ed James told the Arabian World Construction Summit (AWCS).
This reflects a trend across the region for construction activity to accelerate as counter-cyclical GCC government spending initiatives take effect.
“We are expecting a significant increase in the volume of project activity in the next six months,” James said. He said MEED Insight analysis shows that Saudi Arabia is now the largest projects market in the Middle East.
James said that MEED Insight forecasts that the value of projects awarded in the GCC will rise to $130bn-$140bn in 2011 as a whole.
MEED Insight figures show that the GCC projects market hit a peak of more than $160bn in 2009. Its forecast for 2012 shows that construction activity is recovering. Trends suggest that it will hit a new peak around the middle of the decade, analysts say.
From Arabian World Construction Summit Blog
The Arabian World Construction Summit (AWCS) is back with a greater focus on the new wave of projects that the countries in the Middle East plan to implement in the next five years.
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