UAE. Airports captured the bulk of transportation contracts awarded in the first five months of 2012 with US$2 billion worth of projects throughout the GCC.
Road construction came in second with US$1.6 billion worth of contracts; followed by port projects valued at US$1.2 billion while rail contracts awarded reached US$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. Renowned speaks 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,” continued Sullivan.
With almost US$300 billion worth of projects to be awarded until 2016, construction costs will play a key role in both project conceptualisation and execution. A special report reviewing the current cost index against project awards will be presented. Summit participants will also get a first glimpse of the construction cost forecast for 2013.
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 of this year’s Arabian World Construction Summit is a masterclass that provides attendees a solid understanding of the macro-economic and political factors affecting the construction industry in the region, as well as insights into the projects industry provided by MEED’s expert sector analysts in Construction, Power & Water, Oil & Gas/Petrochemicals, Infrastructure & Transport, as well as Renewable Energy.
Organised by MEED Events and sponsored by Construction Products Holding Company (CPC), Emirates Steel, Tekla, Mashreq Bank, Al Tamimi & Co., Drake & Scull, Sustainable Solutions and TAV Construction, the Arabian World Construction Summit takes place on 20-23 May 2012 at The Westin Abu Dhabi Golf Resort and Spa.
For more information on registering and conference programme details, visit www.awcs-me.com.
About the Arabian World Construction Summit
AWCS is the event that all construction professionals mark in their diaries every year. The event is back in 2012 with a greater focus on the new wave of projects that the countries in the Middle East plan to implement in the next five years. This event will encompass market overviews, country profiles, project case studies, supply-chain and sector analyses of key projects in transportation, social infrastructure, power and water and alternative energy developments; these sectors being at the forefront of current regional infrastructure opportunities.
Project industry leaders representing major clients and contractors, will deliver presentations and participate in executive panel discussions that will tackle all the big issues and opportunities emerging as the region gears up for delivering more than $500 billion worth of projects in 2011-15.
Over 300 industry leaders and experts from the Gulf and beyond will attend AWCS 2012, confirming the summit as the premier annual event for the region’s construction projects industry. You need to position yourself amongst these industry giants to capitalize on opportunities in this robust market.