Project contract awards hit an all-time low in 2020, as governments focused on battling the Covid-19 health crisis and providing financial support for the economy.
As we enter the final quarter of 2020 without a vaccine, we are still vulnerable to further lockdowns and disruption. But we are unlikely to see a repeat of the total economic shutdown in March and April.
The October 2020 issue of MEED Business Review looks at what this means for new projects.
Despite the battering received in the first half of 2020, the good news is the regional outlook for project activity remains strong. There are projects under design and bid worth $855.6bn, or 125 per cent of the value of all projects under execution across the region ($682.7bn). Of this, $301bn, or 35 per cent, is already in the bidding phase.
There is no shortage of ambition or project planning in the region, only failings of delivery. Follow the market update links below for the regional highlights of project activity across the Middle East’s highly varied country markets, including the key projects to keep a look out for as indicators of the state of their project sectors.
Economically, Saudi Arabia is on a non-oil growth curve that is unlikely to be significantly diminished by the pandemic in its ultimate trajectory, even if growth has faltered this year.
Other must-read sections in the October 2020 edition of MEED Business Review include:
> BOARD REPORT: Monthly Mena news roundup
> EAST MEDITERRANEAN: Tensions continue to rise in the East Med
> HEALTHCARE REPORT: Medical tourism will assist travel recovery
> LEADERSHIP: The digitalisation of wealth management
> INSIGHT: Power projects push forward despite pandemic
> GULF PROJECTS INDEX: Gulf projects market holds steady> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
We hope you find the October issue of MEED Business Review informative.
> Algeria: Algiers focuses on social infrastructure schemes
> Bahrain: PPPs to drive Bahrain’s future projects
> Egypt: Cairo tackles construction and transport projects
> Iran: Tehran strives to maintain oil project momentum
> Iraq: Projects sector suffers from instability
> Jordan: Amman maintains focus on renewable energy
> Kuwait: Transport schemes could drive development
> Lebanon: Reconstruction projects prevail in Lebanon
> Morocco: Rabat continues to push renewables projects
> Oman: Muscat eyes major civil engineering projects
> Saudi Arabia: Riyadh anticipates project progress in 2021
> Tunisia: Government prepares to step up project development
> UAE: Adnoc schemes buoy UAE projects market
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