DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/btngwk/gcc_construction) has announced the addition of the "GCC Construction Industry Facts and Figures 2012" report to their offering.
The construction market within the GCC countries is expected to exhibit favourable growth prospects in the coming years. A key driver of growth will be the considerable state spending on social infrastructure projects - 80 per cent of which is concentrated in Saudi Arabia, the United Arab Emirates (UAE) and Qatar. This, in turn is likely to spur growth in the other segments of the construction sector, in particular buildings and energy.
The major spending by the GCC countries, to meet the increase in demand stemming from a healthy rise in population, has also acted as a weapon to combat the economic slowdown and diversify into non-oil based growth for long run sustainability. Overall in 2011, construction contracts worth a total of US$ 314 billion were awarded in the GCC region, with buildings, energy and infrastructure projects accounting for 64 per cent, 25 per cent and 11 per cent shares, respectively.
Projects awarded to numerous contractors in the construction sector comprising of developments in Infrastructure, Energy and Building sectors had witnessed a steady growth until mid 2008 whilst 2009 and 2010 had borne the brunt of the government and investors cautious approach due to the global economic depression. As per the project schedules in November 2012, the year 2013 is expected to witness a moderate growth after making strong recovery in 2011 and 2012, in terms of main building contractor awards for the GCC countries combined. Accounting for a lion's share of 58 percent, Saudi Arabia had awarded construction contracts worth US$ 89,747 million in 2012 followed by UAE, with US$ 28,184 million, representing an 18 percent share. The respective main contractor award figures for Qatar, Kuwait, Oman and Bahrain for the year 2011 were US$ 15,657, US$11,089, US$ 7,741 and US$ 1,943 million respectively. The regional governments had initiated massive large scale developments in its infrastructure, economical, industrial and educational projects to revamp the facilities and services provided in their countries since 2010 and 2011 to enhance business opportunities and reduce public debt, which has gradually taken effect and with continued government spending on these critical areas, construction is likely to gradually revive and recover lost ground.
Saudi Arabia has led the transformation in the GCC construction market scenario in recent years with plans to develop six economic cities and other major development schemes. Qatar's successful bid to host the 2022 soccer World Cup is also expected to speed up the regional construction programmes and boost property prices, with contractors expected to flock to the Gulf States to snap up projects worth billions of dollars.
Key Topics Covered:
Chapter 1.Executive Summary
Chapter 2. GCC Construction Industry - Facts and Figures
Chapter 3. United Arab Emirates (UAE) Construction Industry - Facts and Figures
Chapter 4. Saudi Arabia (KSA) Construction Industry - Facts and Figures
Chapter 5. Qatar Construction Industry - Facts and Figures
Chapter 6. Kuwait Construction Industry - Facts and Figures
Chapter 7. Oman Construction Industry - Facts and Figures
Chapter 8. Bahrain Construction Industry - Facts and Figures
For more information visit http://www.researchandmarkets.com/research/btngwk/gcc_construction