The latest BNC Projects Journal states that the overall GCC construction market was stable in December 2019, and grew 5% over the course of the last 12 months.
Statistics from BNC Network show that the GCC construction market is estimated at $2.5 trillion, with over 25,000 active projects at the end of last year.
“The 2020's promises to usher in new responsibilities for each GCC country as they work towards creating economic independence without a hydrocarbon safety net," said Avin Gidwani, CEO of Industry Networks.
Saudi Arabia registered a 13% YoY growth, led by the energy sector with YoY 24% growth, followed by urban construction and industrial, which both grew by 13% YoY. About 38% of all awards and 46% of project announcements across the GCC were in KSA.
“Saudi Arabia is setting the country up as the prime growth market for construction businesses in the years ahead as these projects get designed, engineered and ready for execution,” said Avin Gidwani.
The UAE saw only a marginal YoY drop in its project market as it was rescued by the growth in the energy and industrial sectors as urban construction sector which contributes 58% of the project market, contracted by 5%.
The UAE still led project awards in 2019, contributing 38% of all GCC contract awards.