Mubasher TV
Contact Us Advertising   العربية

GCC construction sector jumps 30% in 2017

GCC construction sector jumps 30% in 2017
Construction sector in the GCC surged 30% in 2017, a new study by MENA Research Partners (MRP) showed

Mubasher: Construction sector in the GCC surged 30% in 2017, a new study by MENA Research Partners (MRP) showed.

The sector's undergoing projects amounted to $2.6 trillion, representing 160% of the GCC’s total growth domestic product (GDP), MRP’s study added.

“Despite the recent years’ headwinds that extended from oil price slump to budget adjustments in many GCC countries, the region witnessed US$ 130 billion of completed projects during 2017, versus US$ 100 billion for the full-year in 2016,” the study noted.

Saudi Arabia and the UAE make up 70% of the undergoing projects’ value, as the two nations provide attractive investment opportunities for investors.

“This surge is driven by economic diversification away from hydrocarbons in leading GCC countries, with a particular focus on sectors like transportation, power and water, manufacturing and energy projects totaling in excess of US$ 1 trillion of projects in the pipeline,” MRP’s CEO, Anthony Hobeika said.

“The outlook for the construction market remains compelling but we witness a shift in terms of sectors and focus areas,” Hobeika added.

نتيجة بحث الصور عن ‪Gulf Construction Sector رويترز‬‏صورة ذات صلة