GCC has witnessed the release of USD 5.5 bn worth of new projects in April, primarily driven by Saudi Arabia which contributed to 67% of the total value of additions, Trade Arabia reports.
Speaking sector-wise, announcements were mostly transport and utility projects, the Bahrain-based news website recently revealed, quoting BNC Network, a major construction intelligence platform in the region.
The Gulf construction market is valued at USD 2.4 trn, with more than 23,000 active projects at the end of April, BNC Network highlighted.
Amid the market’s uncertainty due to the COVID-19 outbreak coupled with the crash of oil prices, the GCC countries were cautious in announcing and awarding new construction projects in April. Project execution also dell to half of the monthly average due to the lockdown measures.
“Difficult as it may be to currently see through the fog caused by the hardships businesses and people are faced in the short-term, the Post-COVID Expo would truly put Dubai at the center of the world and cement its legacy,” according to Avin Gidwani, CEO of Industry Networks, in response to the postponement of Expo 2020 Dubai.
“The two-year, three-year, five-year, and 10-year vision plans and rule-books across the region are being ripped up and re-written by ambitious leaders that are bracing for the challenges … I expect delays as the plans get rewritten but do not lose hope as the Post-COVID world will expedite the evolution the region has been seeking,” Gidwani concluded.