FINANCIAL NEWS

GCC awards USD2b airport contracts in Jan-May

20 May 2012

(MENAFN) MEED, a provider of business intelligence, stated that during the January-May period, contracts for airport projects across countries in the Gulf Cooperation Council (GCC) were valued at USD2 billion, reported Arab News.

MEED said that these projects represented the majority of transportation deals, followed by road construction contracts with USD1.6 billion, and port projects with contracts valued at USD1.2 billion.

It added that until 2016, around USD300 billion worth of construction projects will be awarded in the region, which will carry on investing in the infrastructure sector to maintain economic growth.

It is worth noting that during the first 5 months of 2012, Saudi awarded a USD765 million contract to a consortium of Turkey’s TAV, the UAE/Australian Al-Habtoor Leighton Group, and the Al-Rajhi Group for the construction of maintenance hangars at Jeddah airport.

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