The contracting industry in the Arab world is currently struggling to restore its status as the second largest source of income, after the petroleum industries. According to a report appearing in Al-Sharq Al-Awsat on August 14th, the overall turnover of this industry in the Arab world is valued at an estimated $100 billion annually.
A recent study performed by the Saudi private sector has revealed that the building and construction industries contribute 42 percent of the total fixed capital formation in the Arab world, compared to 60 percent in most industrialized countries. The average contribution of these combined sectors to the GDP in the region has declined from 33 percent to 10 percent, over the past few years. –(Albawaba-MEBG)
