Gulf airport contracts fly ahead to the tune of $2bn
Airports captured the bulk of transportation contracts awarded in the first five months of 2012 with $2 billion worth of projects throughout the GCC.
Road construction came in second with $1.6bn worth of contracts; followed by port projects valued at $1.2bn while rail contracts awarded reached $424 million.
The data was released by Meed, a leading provider of business intelligence, ahead of the Arabian World Construction Summit 2012, which will present a comprehensive overview of construction and infrastructure projects across key sectors and markets in the Arab world.
"Governments across the GCC will continue to invest in the infrastructure sector to support economic growth, and one of the busiest will be the transportation sector. Airports are currently leading the boost, as tourism continues to be a major growth driver in the region," said Edmund O'Sullivan, chairman, Meed Events, organisers of the annual Arabian World Construction Summit (AWCS).
The summit will gather the construction industry's leading stakeholders to discuss the prospects and challenges confronting the sector across the Arab world.
Leading speakers will provide valuable insights into the type of projects that will be needed, as well as how funding and finances could be identified to bankroll the megaprojects needed to spur economic activity in the region.
"The GCC will continue to be a beehive of activity from ongoing projects and future investments. However, we will also hold special sessions on Iraq and Egypt and the massive opportunities at stake for contractors, financers and project owners," said Mr Sullivan.
With almost $300bn worth of projects to be awarded until 2016, construction costs will play a key role in both project conceptualisation and execution. Construction Products Holding Company (CPC), a Saudi-based conglomerate and one of the biggest suppliers of construction and building materials in the region, expects construction costs to level off this year.
"This provides a great incentive to investors and developers to embark on new projects, which will further boost economic activity in the region," said Dr Faysal Alaquil, director of business development and CSR at CPC, gold sponsors of the Arabian World Construction Summit 2012.
Another highlight this year is a masterclass that provides participants a solid understanding of the macro-economic and political factors affecting the industry in the region, as well as insights into the projects industry provided by Meed's expert sector analysts in construction, power and water, oil and gas/petrochemicals, infrastructure and transport, as well as renewable rnergy.
Organised by Meed Events and sponsored by CPC, Emirates Steel, Tekla, Mashreq Bank, Al Tamimi, Drake and Scull, Sustainable Solutions and TAV Construction, the summit takes place from today to Wednesday at The Westin Abu Dhabi Golf Resort and Spa.