|12-14-2014, 12:09 PM||#1|
Optimism spotted in the GCC construction sector
An annual Gulf Cooperation Council (GCC) Construction Survey showed that optimism remains spread throughout the construction sector in the Gulf region with projects worth over AED100 million ($27.2 million).
Around 77 percent of respondents to the survey among huge construction firms in the region stated that they are optimistic regarding this year and coming year performance as further investments and mega projects are on the way.
The 77 percent however reflects a 13 percent drop in optimism compared to last year. The decline is mainly explained by ongoing geopolitical concerns, the recent plunge in oil prices and a highly competitive market.
It is forecasted that by next year in the MENA region, Saudi Arabia followed by the UAE and Qatar will be the strongest performing construction markets in the MENA region.
According to the survey Saudi Arabia is so far the easiest market to invest in the construction sector and do business with followed by Oman.
"This situation now seems to be changing, with the ease of doing business starting to improve. This suggests we may see more opportunities converting within the kingdom in the years ahead, which chimes with the more open sentiment emerging from the Saudi authorities" said Sachin Kerur, managing partner, Gulf Region at Pinsent Masons.
It is also projected that construction projects in the GCC worth $72 billion would be completed by the end of this year.
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