The outlook for GCC’s construction projects market
- Date: 12-Jan-2022
- Source: Consultancy ME
- Sector:Real Estate
- Country:Gulf
The outlook for GCC’s construction projects market
It has been more than 18 months since the pandemic took hold the world over. Over this time, few sectors and industries globally have been left untouched by the economic upheaval and disruption left in Covid’s wake. The construction market has been no exception. Experts from Deloitte and MEED Projects walk through the state of GCC’s construction projects market and its outlook.
In 2020 total contract awards of construction projects dropped 35% to just $69 billion as the coronavirus, falling oil prices and lower government spending precipitated a dramatic slowdown in capital expenditure. As a result, last year was the worst for the market in nearly two decades.
Yet while the virus’ effect on spending levels is undeniable, not every market and sector experienced the same impact. Worst hit were Saudi Arabia and the United Arab Emirates (UAE) where year-on-year contract awards declined 53% and 33% respectively according to data from MEED Projects.
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