FINANCIAL NEWS

GCC projects market value to reach USD172b in 2015

14 Apr 2015

(MENAFN) The contract signings in the projects market in the GCC are expected to reach a total of about USD172 billion in 2015, despite the declining oil prices, which formed the most recent international trend, Saudi Gazette reported.

The projects market is forecast to further its growth, evidenced by the rearrangement that some government customers made on capital investment plans, according to projects industry official overseeing the matter.

Due to the forecast, following the market initial concern regarding major cutbacks in government spending on projects, the need for equipment and skills is set increase, testing thus the abilities of the supply chain.

‘The scale and quality of the GCC construction boom is reflected in the growing number of top-quality infrastructure, building and industrial projects,’ the chairman of MEED Quality Awards said regarding construction projects.

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