GCC construction project value exceeds Dhs9.25 trillion in June - GulfToday

GCC construction project value exceeds Dhs9.25 trillion in June

UAE-Construction

The UAE leads the GCC region with urban construction projects worth $476.5 billion.

Business Bureau, Gulf Today

The total value of more than 26,000 construction projects exceeded $2.52 trillion (Dhs9.25 trillion) in June 2019, according to the June 2019 Issue of the BNC Projects Journal: The Next Construction Circus – Setting the Stage for Growth, issued by BNC Network, the largest and most comprehensive construction intelligence platform in the Middle East and North Africa (MENA) region.

Saudi Arabia leads the GCC region in the total value of construction projects worth $895.8 billion (Dhs3.29 trillion), followed by the UAE with projects valued at $830.6 billion (Dhs3.05 trillion) are at various stages of planning, development and execution in the Kingdom.

“The UAE and Saudi Arabia are pulling out all the stops - tearing down doors that impede trade, destroying business barriers and smashing the visa wall as its American ally does the diametric opposite. While America systematically isolates itself from its immediate neighbours, China, and Europe, the GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress,” Avin Gidwani, Chief Executive Officer of BNC Network, said.

In the BNC Projects Journal, BNC offers the latest industry news and information along with detailed analysis and the current market outlook of the construction sector – which is very crucial for those involved in construction, sub-contracting, mechanical, electrical and plumbing (MEP) as well as building materials supply businesses.

“BNC Projects Journal has been designed to offer the maximum benefits of construction intelligence – project information and analytics – for them to gain valuable insights from our vast database of more than 32,000 live projects,” Avin Gidwani said.

“This is the only credible reference for the construction industry for projects intelligence in the Middle East and North Africa region. Our team of analysts assisted by technology now publish an over-whelming 1,700+ GCC construction info-graphic reports every year, providing deep, fact-based construction market insights on countries, cities, sectors and even specific industries.”

The BNC Projects Journal has been created to encapsulate the essence of these construction analytics, our daily project stories and socio-economic happenings that influence construction. BNC Projects Journal provides the real story of GCC construction as it happens in a concise and actionable form that allows users to drill down from a story for greater depth and information.

The total value of urban construction projects exceeded $1.12 trillion (Dhs4.11 trillion) in June 2019, according to the latest BNC Projects Journal.

The UAE leads the GCC region with urban construction projects worth $476.5 billion (Dhs1.75 trillion), followed by Saudi Arabia with projects valued at $406.2 billion (Dhs1.49 trillion).

In May 2019, new project announcements worth $5.3 billion were recorded by BNC Network and new contract awards estimated at $1.7 billion while project completions reached a whopping $9 billion for the month.

“Even though the holy month of Ramadan saw activity slow down, led by the $5 billion Bunker Fuel Oil Refinery in Fujairah, the UAE led projects announcements in the GCC which are estimated at a healthy $17 billion for May 2019,” the report said.

 “With close to $19 billion worth of work completed, May registered relatively high project completions. The UAE alone saw US$7.7 billion worth of projects completed, while Kuwait and Qatar also registered major projects completions with the successful handover of the $2.4 billion Sheikh Jaber Al Ahmad Al Sabah Causeway Main Link and two Red Line projects in Qatar worth US$2.8 billion.”

The value of 13,927 GCC Urban Construction projects that are under construction rose to $308.3 billion (Dhs1.13 trillion) in June 2019. The value of 4,980 Urban Construction projects that are in concept, design and tender stages reached $256.1 billion (Dh939.88 billion).

BNC, the largest project intelligence provider in the MENA region, tracks more than live construction projects with a value exceeding $7.7 trillion (Dhs28.3 trillion). It publishes more than 250 project updates and shares construction intelligence with more than 73,000 executives and professionals every day.

BNC, the largest project intelligence provider in the MENA region, tracks more than 32,000 live construction projects with a value exceeding $7.7 trillion (Dhs28.3 trillion). It publishes more than 250 project updates and shares construction intelligence with more than 73,000 executives and professionals every day.

It is used by thousands of business leaders and construction industry professionals around the world to track developments, gain insight on projects and do business in the construction industry. BNC covers construction projects, across all sectors including urban construction, mega developments, transportation, utilities, industrial developments and oil and gas and publishes over 2,000 construction analytics annually based on extensive research and analysis.