GCC Urban Construction Contract Awards Triple in July 2019
The GCC project market is estimated at USD 2.52 trillion, with close to 27,000 active projects at the end of July 2019. BNC Network, the largest construction intelligence platform in the Middle East and North Africa (MENA), issued the 9th edition of the BNC Projects Journal titled: The Camel Economy. The latest BNC Projects Journal states that the overall GCC construction market expanded 6% YoY, led by Oman and Saudi Arabia with 16% and 13% respectively.
The BNC Projects Journal states that projects worth USD 13.8 billion were announced in the GCC last month registering 140% growth MoM with the energy sector registering the highest value in terms of new project announcements worth USD 9.2 billion.
The energy sector also led contract awards with USD 3.7 billion in awards, and project completions during the month equaled 90% of project completions seen during the whole of Q2 2019.
“GCC’s project market fared surprisingly well in July, considering the annual summer slowdown,” said Avin Gidwani, CEO of Industry Networks. Urban construction contract awards tripled in July compared to USD 1 billion awards in June primarily driven by the UAE which contributed around 65% of the urban contract awards last month. “We expect activity to ramp up significantly in the coming months,” continued Avin Gidwani.
The BNC Projects Journal further stated that project completions worth USD 13.1 billion in July increased 6% MoM led by the energy sector and the urban construction sector. The UAE registered project completions worth USD 7 billion, followed by Saudi Arabia with USD 3.7 billion. Although there was an increase in project completions MoM, completions were 20% lower than the monthly average this year.
About Industry Networks FZC
Industry Networks FZC created the BNC Network to serve the construction industry with project intelligence in 2004. BNC Network is the largest project intelligence database in the MENA region, with 32,600+ live construction projects estimated at US$ 9.8 trillion (AED 36 trillion) spanning the urban construction, oil & gas, transportation, utilities and industrial sectors.
Industry Networks publishes a monthly Projects Journal to provide the industry with the real story of construction as it happens based on the 5,000+ construction project updates it processes every month.
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