GCC to be awarded USD103b construction contracts

17 Feb 2015

(MENAFN) Novel construction contracts of USD103 billion are set to be awarded in 2015 compared to USD85 billion in 2014 marking a 21 percent increase, Emirates 247 reported.

Construction projects worth USD67.6 billion were completed in 2014 in the GCC region while projects worth USD72 billion are forecasted to be accomplished in 2015, marking a 6.5 percent increase.

Healthcare sector growth of 91.12 percent is expected with an estimated value of USD7.11 billion to be registered in 2015 against a USD3.72 billion in 2014.

Qatar is the GCC country with the bulk of healthcare buildings set to be completed with a total value of USD2.43 billion, followed by Saudi’s USD2.15 billion and the UAE with USD1.82 billion.

‘For 2014, we’ve seen continued growth with Saudi Arabia, the UAE and Qatar doing well. In 2015, the forecast for both awarded and completed projects shows further increases,’ Group Event Director for Index said in a statement.

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