Regional News

GCC project value tops $2.52trn in June

August 2019

The combined value of the more than 26,000 construction projects across the GCC has exceeded Dh9.25 trillion ($2.52 trillion) in June, according to a report by BNC Network, a key project research and intelligence provider in the Middle East and North Africa (Mena) region.

Regional heavyweight Saudi Arabia leads the GCC in the total value of construction projects worth $895.8 billion, followed by the UAE with projects valued at $830.6 billion, according to the June 2019 issue of the BNC Projects Journal: The Next Construction Circus – Setting the Stage for Growth.

On the urban construction projects scenario, BNC said the total value of these developments exceeded $1.12 trillion in June.

 The UAE led the GCC region with urban construction projects worth $476.5 billion, followed by Saudi Arabia with projects valued at $406.2 billion, it stated.

In May, new project announcements worth $5.3 billion and new contract awards estimated at $1.7 billion were recorded by BNC Network, while project completions reached a whopping $9 billion for the month.

“The UAE and Saudi Arabia are pulling out all the stops – tearing down doors that impede trade, destroying business barriers and smashing the visa wall,” remarked its CEO Avin Gidwani. “The GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world.”

 Gidwani pointed out that despite a activity slowdown during Ramadan, the UAE led projects announcements in the GCC – such as the $5 billion bunker fuel oil refinery in Fujairah – which are estimated at $17 billion for May.

The value of 13,927 GCC urban construction projects that are under construction rose to $308.3 billion in June while the 4,980 urban construction projects in concept, design and tender stages are worth $256.1 billion, he stated.

“With close to $19 billion worth of work completed, May registered relatively high project completions. The UAE alone saw $7.7 billion worth of projects completed, while Kuwait also registered major projects completions with the handover of the $2.4-billion Sheikh Jaber Al Ahmad Al Sabah Causeway and Qatar with two Red Line projects worth $2.8 billion,” he added.  

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