Construction projects worth $3.3bn (SAR12.4bn) were awarded in Saudi Arabia in July 2019, while Oman announced new projects worth $5bn (OMR1.5bn) during the month, according to the BNC Projects Journal: The Camel Economy, which added that the GCC’s construction projects’ market was valued at $2.52tn with 27,000 active projects as of July 2019.
According to The Camel Economy report, the GCC’s construction market expanded by 6% year-on-year in July 2019, led by Oman and Saudi Arabia with growth rates of 16% and 13% respectively.
A statement issued by BNC added that projects worth $13.8bn were announced in the GCC during July 2019, marking 140% month-on-month growth in the region.
The energy sector registered the highest value of new construction projects in the GCC in July 2019, reaching $9.2bn during the month.
Additionally, the GCC’s energy construction projects – comprising oil and gas, and utilities schemes – saw contract awards worth $3.7bn in July 2019, with completions during the month accounting for 90% of the construction project completions recorded in Q2 2019.
The value of urban construction contract awards tripled in July compared to June 2019’s $1bn, driven largely by the UAE, which contributed to 65% of the total amount.
Project completions worth $13.1bn were noted in July 2019 – marking month-on-month growth of 6% – led by the energy and urban construction sectors. More
By Neha Bhatia https://www.constructionweekonline.com
