Middle East is world's best performing construction market

26 January 2024
The region topped GlobalData's Construction Project Momentum Index (CPMI)

The Middle East and North Africa (Mena) was the world’s best-performing region in December 2023 according to GlobalData’s Construction Project Momentum Index (CPMI), which provides an assessment of the health of the construction project pipeline at all stages of development from announcement through to completion.

The CPMI reflects the pace of change in projects as they progress through stages prior to the start of construction as well as charting the course of progress for projects in the execution phase. For every project that is updated, scores are assigned that reflect the extent to which the latest development is positive, negative or neutral, within a range of -5 to +5. These scores are then weighted by the relative value of the project to the respective country’s overall project pipeline value to generate an overall momentum index score.

After two successive months of improvement, the overall momentum score dropped back in December, according to the latest update of GlobalData’s CPMI. The overall score fell to 0.70 in December from 0.73 in November, but it was still above the scores recorded in June 2023 to October 2023. The score for projects in the execution stage eased back to 0.87 from eight-month high of 0.90 recorded in November, while for projects in the pre-execution stage the score fell marginally to 0.53 from 0.56.

Only two regions recorded higher overall scores in December compared to November, namely the Mena and Sub-Saharan Africa. For the Mena region, the improvement in its score along with declines elsewhere meant that it topped the December rankings.

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