- Governments in the GCC must prioritise spending, MEED conference is told
- Petrochemical investment may slowdown despite upstream pressing ahead
Despite a projected slowdown in the GCCs construction market, investments in key areas must press ahead to alleviate the fall in oil prices, MEEDs Construction Leadership Summit has been told.
Speaking at the MEED event in Dubai on 27 May, Mohammed al-Rais, Middle East president at the US Hill International said that even if oil prices remain low, there are certain areas that should not see a compromise in spending and investment. The need for social projects for the people which in certain areas fall behind these projects must continue irrespective of the situation the issue is prioritisation by the authorities.
The conference also heard that Major National Oil Companies (NOCs) will continue to press ahead with investment to maintain production in order to maintain government revenues.
Speaking at the MEED event in Dubai on 27 May, Samer Khoury, president of engineering & construction at Athens-based contractor CCC, said:petrochemicals will slowdown but upstream will improve. [Saudi] Aramco will expand outside of the core business, but other countries will only focus on oil and gas upstream.