UAE Business: Private sector vital to GCC’s $121bn infrastructure projects – Gulf Digital News

UAE Business: Private sector vital to GCC’s $121bn infrastructure projects – Gulf Digital News

With more than $121 billion worth of social projects planned and underway across the GCC, the private sector is expected to play a more significant role in infrastructure project delivery going ahead, said Cyril Lincoln, the Executive Vice President and the global head of real estate finance and advisory at Mashreq Bank, citing data.

According to regional projects tracker Meed Projects, more than $50 billion of social infrastructure work is under execution, while the remaining $70 billion is in various stages of planning. Of the overall total, nearly $71 billion is located in Saudi Arabia, followed by Kuwait ($33 billion), Qatar ($5.7 billion), UAE ($4.7 billion), Oman ($3.7 billion) and Bahrain ($3.1 billion).

"Social infrastructure will continue to top the agenda for GCC governments, as they prioritise quality of life, medical care and education for their growing populations," remarked Lincoln.

"But there is a need to diversify the way these projects are delivered. It should not be seen as the government’s responsibility alone," he stated.

With an ample volume of planned and underway projects in this segment, private developers, contractors and asset managers are presented with a sizeable opportunity to support long-term goals set by the region’s governments, he added.

An extensive opportunity

Data from Meed