DUBLIN, July 30, 2021--(BUSINESS WIRE)--The "Gulf Cooperation Council (GCC) Construction Outlook 2021 - Trends, Opportunities and Challenges in GCC Construction in 2021 and 2022 - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
After a six-year slowdown triggered by the crash in oil prices in 2014 and deepened by the impact of COVID-19, the GCC construction industry is set for a strong recovery in 2021 and 2022.
Boosted by government stimulus spending aimed at accelerating the post-COVID recovery, the region's contractors, engineers and manufacturers can look to forward to a healthy increase in building and infrastructure projects in the coming two years.
And while the government support measures will boost construction activity in the coming year, the longer-term outlook is boosted by the region's improving fiscal situation as oil prices recover and oil output caps are eased.
With a $1.9tn pipeline of future construction and transport infrastructure projects planned across the GCC, there is no shortage of potential project opportunities waiting to be unlocked.
While some of these planned projects are still many years away from becoming real projects, such as the majority of the Saudi Arabia's $500bn Neom future city development, there is a significant backlog of work that has been delayed by the pandemic, but which can be brought quickly to the market.
About $107bn of planned construction and transport projects in the GCC are already at some stage of tendering. If is fair to assume that the majority of these will be awarded within the coming 18 months.
Given that the average annual value of construction contracts awarded in the GCC since 2016 has been $61bn a year, with awards falling to a mere $43bn last year, this marks a significant increase in the pace of construction activity.
In addition, about $303bn of planned construction and transport projects in the GCC are at the design stage. While some will inevitably be delayed, these projects ensure that there is plenty of potential opportunities so long as the macro economic and fiscal conditions are favourable.
But the post-COVID GCC construction sector will have a different flavour to the market before 2015, which was driven by strong government spending on infrastructure, particularly rail projects, and an influx of money into GCC real estate from across the region following the disruption of the Arab Spring.
The "GCC Construction Outlook 2021" provides a comprehensive analysis of the key trends, opportunities and challenges facing GCC construction.
The report provides construction companies, contractors, suppliers, manufacturers and consultants with a powerful resource that will help them to identify new opportunities, set strategy, and mitigate risk in the GCC.
Scope of the report:
Outlook assessment for the GCC construction market
Comprehensive review of construction market in all six GCC countries
Examination of projects planned and underway in GCC construction
Client analysis covering project plans and strategic objectives
Top 100 GCC construction clients
Overview of leading contractor activity
Top 100 GCC construction contractors
All the latest data and information of construction market trends
Analysis of the challenges facing GCC construction
For more information about this report visit https://www.researchandmarkets.com/r/keuxg2
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Laura Wood, Senior Press Manager
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