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FINANCIAL NEWS
GCC infrastructure contracts to reach USD45b in 2014
16 Oct 2014
(MENAFN) The value of awarded infrastructure contracts given in the GCC is expected to reach USD45 billion by the end of 2014, which is double the value when compared with USD22.6 billion awarded contracts given in 2012, Times of Oman reported.
The contracts are expected to be focused on five sectors across the countries: rail, roads, airports, ports and free trade zones, with USD97 billion worth of rail contracts being currently underway in addition to the six countries working jointly on the construction of the 2.117km GCC-wide rail network, which is expected to be done by 2018.
Meanwhile, it is expected that almost USD300 billion will be spent on airports in the Middle East over the next five years with passenger numbers in the GCC expected to reach almost 4 billion by 2017, while an estimated USD25 billion is currently being spent by the GCC members on expanding their ports with Qatar leading the list of investors after investing USD8.2 billion on a state-of-the-art industrial port, Doha’s New Port Project, which is set to be completed ten years ahead of schedule in 2020.
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