Oil, gas sectors ‘driving’ GCC project market growth

Oil, gas sectors ‘driving’ GCC project market growth

GCC project announcements shot up and raised optimism in the construction market with oil and gas and urban construction sector contributing around 80 per cent of the total announcements made in October, said a report by BNC Intelligence.

The GCC construction market is estimated at $2.5 trillion, with over 26,000 active projects at the end of October, it stated.

Projects worth $20 billion were announced in October alone, half of which were announced in Saudi Arabia, it added.

Of the total project announcements, the UAE constitutes 48% of the total awards in October, while Saudi Arabia contributed 50%, said BNC Intelligence in the 12th edition of its Projects Journal titled: The Riyadh Roller Coaster.

According to the report, the project completions had registered a 27% hike as compared to the monthly average in 2019.

New project announcements were primarily led by the urban construction sector with 44% share followed by the oil & gas sector with 36% share.

Two multi-billion dollars entertainment and leisure construction projects were announced last month which includes a mixed-use entertainment and shopping centre development in Saudi Arabia and a mega entertainment city in Kuwait.

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