MEP contracting market worth $14.5 billion

The value of the mechanical, electrical and plumbing (MEP) contracting market in the GCC will be worth US $14.5 billion (AED53 billion) in 2008 according to a recent industry survey.

The survey undertaken on behalf of MEED looked at the turnovers of the largest firms within the sector. Orders and annual revenue covering the UAE, Qatar, Kuwait and Saudi Arabian markets during 2006 and 2007 were accounted for in the final figure.

It was found that around $3.5 billion of work was booked in 2006 by those firms participating in the survey, with around $4.3 billion booked during 2007.

The largest contractor in the market over the survey period was ETA Mechanical and Electrical (M&E). This was followed by Kharafi National and BK Gulf, although some of Kharafi's work was carried out in the oil and gas sector.

Drake & Scull stood in fourth place on the listing, but with a spread of work across all four regions it is expected to challenge for a higher position in future listings.

The influx of medium-sized and start-up firms in the region is expected to create further growth in the market during 2008. These firms are reportedly winning more contracts as the construction sector seeks new suppliers for projects.

The survey figures showed that the largest eight MEP contractors in the region currently account for around 50% of the industry's total annual revenue.

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