The Gulf Cooperation Council’s (GCC) construction market has nearly 22,000 active projects worth $2.4 trillion, according to new research by analysts BNC Network.
The GCC’s offers abundant opportunities as governments seek to develop infrastructure and deliver economic diversification with an estimated US$2.4 trillion of projects planned across the region.
But while the need for infrastructure has never diminished, the crash in oil prices from 2014 to 2016 has seen major changes to the market.
Despite this, the region still offers some of the best project opportunities in the world. The need for infrastructure and economic diversification is greater than ever. And, as home to some of the world’s wealthiest countries, the financial muscle is available to meet these needs. The recovery in oil prices and economic growth in 2018 has seen the conditions for projects improving.
To honour stakeholders in the projects market for their outstanding contributions to the growth of the region, leading business intelligence provider MEED has shortlisted 80 companies and individuals to qualify for its prestigious MEED Awards programme.
As financing will be a critical factor for securing and implementing new projects, finalists have also been selected for the Financial Institution of the Year category such as Abu Dhabi Islamic Bank and Dubai Islamic Bank.
Source Credit: Trade Arabia