Dubai – Mubasher: The value of tenders for urban construction projects in the GCC region stood at $32 billion, the Arab Brazilian Chamber of Commerce (ABCC) stated in a report.

Tenders for 801 urban construction projects worth a combined value of $32 billion are being tendered in the region the ABCC said, forecasting that the value of regional construction projects will reach $50.9 billion by the end of the year.

The UAE is at the centre of the construction scene in the GCC, the report added.Some agreements were signed during the second quarter of 2017, namely: City Centre Deira in Dubai, Al Zahia City Centre in Sharjah, and the residential complexes of Yas Island in Abu Dhabi.

The chamber expected that the value of agreements will increase by 29% to reach $65.6 billion in 2018, and by 1% to $66 billion in 2019.

“The report recently released by Dubai-based market research firm BNC Network is strong proof that the GCC remains a promising market for Brazilian businessmen,” the ABCC highlighted.

“The year 2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country, which will pave the way for more avenues to further flourish the relations between the Gulf countries and Brazil,” commented ABCC secretary general and CEO Dr Michel Alaby.

BNC added that the “tremendous” construction projects were mainly due to a number of “mega-events”, noting that chief among them was the Dubai Expo 2020, alongside oil price stability, economic diversification policies, and higher living standards.