Rising oil prices and increased government spending is fuelling demand in the GCC’s construction sector, with contractor awards across the region’s markets expected to be worth $148.7 billion in 2018, according to a new report.
In 2018, an estimated $79.1 billion worth of construction contractor awards will be attributed to buildings in the Gulf region, followed by energy projects ($44.9 billion), and infrastructure ($24.6 billion).
The total value of expected construction contractor awards in 2018 is slightly up on the 2017 figure ($147.8 billion), according to Ventures, as economic activity picks up across the region amid a revival in non-oil sector growth and broad fiscal reforms.
According to Ventures, the UAE will hold a 33 percent share ($50.4 billion) of the Gulf region’s total construction contractor awards in 2018, followed by Saudi Arabia, with a 27 percent share ($40 billion).
The expectedS$79.1 billion of building construction contractor awards across the GCC in 2018 is 10 percent up on the previous year, with the UAE comprising $37.3 billion of that figure.
The report has been released ahead of the Hardware + Tools Middle East 2018 trade fair, which takes place next week at the Dubai International Convention and Exhibition Centre.
The three-day event is the Middle East’s only dedicated exhibition for tools, hardware, materials, equipment and machinery, and is expected to feature 115 exhibitors showcasing 180-plus brands targeting the region’s revived construction sector.