GCC set to generate $138.5bn in construction contracts in 2019
MUSCAT –GCC countries will be at the forefront of a continuing construction sector boom in the Middle East, with contracts worth over $138.5 billion, set to be awarded in 2019.
This growth is being largely fuelled by mega infrastructure and commercial projects, which are currently either under construction, or in the pipeline across the region’s major economies, according to a report by analyst Ventures Onsite.
The ongoing expansion in the construction sector across the region, is expected to drive fresh interest for the latest hardware, tools and machinery.
According to the report, which looks the construction in three segments — building construction, infrastructure and energy — the industry is also being driven by the regional governments push to achieve diversified economies and create the infrastructure to attract inward investment in other areas of the economy.
In 2019, which is a good year overall for the industry as a whole, contracts worth $69 billion are expected to be awarded in the GCC building construction sector, while the infrastructure construction market is expected to generate $22.2 billion in fresh contracts.
Construction in the energy industry, is also expected to be healthy, producing over $47.2 billion worth of new contracts in the year.
The report also estimated that the region is expected to record significant growth in the creation of new facilities in various other sectors including: residential, education, healthcare, transport and renewable energy, generating lucrative opportunities for investors, developers and contractors in the coming years.