Released September 24, 2014 | JOHANNESBURG
en
Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--During the financial crisis of 2007-08, many projects were suspended in the Middle East, which until then had seen a period of strong growth. But executives and project managers did not lose heart; they kept tabs on the plans for years to come.
Now, it is reported that the value of new infrastructure projects in the Gulf Cooperation Council (GCC) region is set to reach $86 billion in 2014, which is a 77.8% increase over 2013.
Saudi Arabia is the dominant player in 2014 and beyond, with projects in the pipeline worth $1.1 trillion. This represents a market share of 44.3%, followed by the United Arab Emirates (UAE) with 30.3%, worth $ 717.7 billion.
Qatar accounts for 11.2% of the construction market, with projects for this year and beyond worth $270.1 billion. Projects in Qatar in 2014 alone are expected to reach $26.2 billion.
Kuwait and Bahrain anticipate a major boost in infrastructure projects this year, with Kuwait's total growing by a factor of 10 to $3.5 billion, and Bahrain by a factor of eight to $3.4 billion.
Oman is forecast to see a 35% increase in infrastructure projects this year, reaching a total of $7.4 billion.
For related information, see January 14, 2014, article - GCC Drives Middle East -- North Africa Growth in 2014 with Mega-Project Spends, and June 16, 2008, article - Middle East Projects Fight Against Inflation, Supply Chain Constriction and Schedule Creep.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Now, it is reported that the value of new infrastructure projects in the Gulf Cooperation Council (GCC) region is set to reach $86 billion in 2014, which is a 77.8% increase over 2013.
Saudi Arabia is the dominant player in 2014 and beyond, with projects in the pipeline worth $1.1 trillion. This represents a market share of 44.3%, followed by the United Arab Emirates (UAE) with 30.3%, worth $ 717.7 billion.
Qatar accounts for 11.2% of the construction market, with projects for this year and beyond worth $270.1 billion. Projects in Qatar in 2014 alone are expected to reach $26.2 billion.
Kuwait and Bahrain anticipate a major boost in infrastructure projects this year, with Kuwait's total growing by a factor of 10 to $3.5 billion, and Bahrain by a factor of eight to $3.4 billion.
Oman is forecast to see a 35% increase in infrastructure projects this year, reaching a total of $7.4 billion.
For related information, see January 14, 2014, article - GCC Drives Middle East -- North Africa Growth in 2014 with Mega-Project Spends, and June 16, 2008, article - Middle East Projects Fight Against Inflation, Supply Chain Constriction and Schedule Creep.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
