By James Morgan
Figure would represent an increase of about 7% as UAE tops regional ranking
The overall value of new building contracts awarded in the GCC in 2017 is expected to hit $85.6bn.
This is the conclusion of the GCC Building Construction Market Report, which was created by Ventures Onsite on behalf of The Big 5 Heavy.
If accurate, the figure would represent an increase of approximately 7 percent, compared to the $79.5bn of new construction contracts awarded in the GCC in 2016.
The UAE tops the regional ranking, with an estimated $40.5bn (AED148.8bn) of building contractor awards predicted during 2017. Qatar is in second place with $16.7bn (QR60.8bn), and Saudi Arabia is in third with $16bn (SR60bn).
The UAE also topped the GCC league table in 2016, with $32.6bn worth of project awards – the highest figure since 2008.
Approximately 45% of building projects in the GCC are in the pre-construction phase, while 32 percent are at the tendering stage, according to Ventures Onsite.
The Big 5 Heavy will replace the Middle East Concrete (MEC) and PMV Live events, which were previously collocated with The Big 5 exhibition in Dubai.
The inaugural The Big 5 Heavy will run from 26-28 March, 2018 at Dubai World Trade Centre (DWTC) in the UAE.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.