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MENA projects pipeline valued at US$3.5 trillion
Source: Design Unlimited Partners for MEED , Author: Posted by BI-ME staff
Posted: Fri January 4, 2019 6:22 pm

UAE The Middle East and North Africa (MENA) region is home to some of the most exciting projects markets in the world. With an estimated $3.5tn worth of projects planned across the region, the pipeline of future projects is vast.

Data from MEED Projects show that construction, which covers private real estate and public buildings, represents the biggest segment of the MENA projects market valued at $2.1tn. Transport is the second biggest segment with $931.2bn of projects; followed by the oil & gas sector, with about $662bn worth of projects planned or underway.

Saudi Arabia remains the biggest market in the GCC with a $1.2tn project pipeline, followed by the UAE with $640bn and Kuwait with $206bn. Oman has a pipeline of projects valued at $134bn while Bahrain has $70bn.

Some of the most significant projects will be driven by a new generation of clients such as the Renewable Energy Project Development Office (Repdo), or Public Investment Fund (PIF), both in Saudi Arabia, or the Kuwait Authority for Private Partnerships (KAPP), which are seeking private sector partners for strategic projects in tourism, housing, renewable energy, and transport. The return of markets Egypt and Iraq will also drive opportunities.

For the last 10 years, an average of $216bn projects have been awarded annually, with the GCC region accounting for about two thirds of this volume.

Many of these projects have since been completed and have become key pillars of the socio-economic progress of the region. For a select few, completion has likewise meant earning accolades for project quality and excellence from the annual MEED Projects Awards, in association with Mashreq, the most prestigious recognition programme honouring the best projects in the GCC that have been instrumental in transforming the region.

“Although the region has been experiencing challenging business conditions, much like the rest of the world, the need for infrastructure and economic diversification is greater than ever. The recovery of oil prices and the expected improvement of the economic landscape across the region next year, projects are expected to move forward beyond the planning stage – this is something everyone is looking forward to. Until then, however, we focus our attention on completed projects which have surpassed engineering and economic challenges to see which ones have become new beacons for project quality in the region,” said Mohammad Al Shouli, Senior Vice President, Mashreq Bank, headline sponsor of the awards programme.

Companies involved in projects completed in the GCC in 2017 and 2018 can enter the 2019 MEED Projects Awards, in association with Mashreq in one of the following 16 categories: Industrial Project of the Year, Commercial Property Project of the Year, Education Project of the Year, Healthcare Project of the Year, Tourism & Leisure Project of the Year, Residential Project of the Year, Oil & Gas Project of the Year, Power Generation Project of the Year, Transport Project of the Year, Road Project of the Year, Water Project of the Year, Megaproject of the Year, Small Project of the Year; and Social, Cultural and Heritage Project of the Year.

Four new awards categories that reflect the changing nature of the GCC projects industry are being introduced this year, including the MEED Sustainability Medal for the project that is making the greatest contribution to protecting the environment; the MEED Innovation Medal for the project most successfully pioneering new technology; Engineer of the Year for the best project engineer in the GCC; and Client of the Year for the best project sponsor of the year.

“In my opinion, these are the most important awards of the year in this region,” said MEED editorial director Richard Thompson. “The GCC projects industry is laying the foundation for the future of this region. The projects that are being built today will determine the success of the region in 10, 20, 30 years and more. They will create jobs, they will drive diversification, and they will stimulate investment.  Pan-regional projects such as the GCC railway, or GCC electricity grid will drive unity and security. What could be more important?”
 
“Every year, the MEED Projects Awards, in association with Mashreq, get bigger and bigger, but it is vitally important that the awards change each year to reflect the important trends,” added Thompson. “That is why the MEED Projects Awards 2019 feature new awards for innovation, sustainability, engineering excellence, and great client behaviour.”

Expert panels in each GCC country will judge the entries for national awards in each of the 16 categories. The national winners will then compete head-to-head for the regional GCC awards, who will then be eligible for the supreme awards - the GCC Building of the Year and the GCC Project of the Year.

According to MEED’s database of projects, MEED projects, over 3,100 project that are eligible to compete for this year’s awards. Submissions can be made online at www.projects-awards.meed.com.

About Mashreq:
Established in 1967, Mashreq is the oldest privately held Bank in the UAE with award winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa.

Mashreq launched its new Vision and Mission recently, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for four consecutive years from 2014-2017. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.

About MEED
MEED is a remarkable senior management media brand that encompasses a subscription website and magazine, more than 30 C-level executive conferences and summits hosted by MEED Events, the MEED Quality Awards for Projects and two high-value content businesses, MEED Projects and MEED Insight. MEED Projects is the Middle East’s premium project tracking database and MEED Insight offers tailored research and in-depth analysis.

Established in 1957, MEED, has been integral to delivering business information and news, intelligence and analysis on the Middle East economies and activities ever since. Attracting a key senior management audience through its content and activities, MEED is a media brand and publication that covers a spectrum of services that inform.

Photo: For illustration purpose only (File photo)

 

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