There are still a number of contractors in the industry who, despite all of the data showing improvements in the marketplace, are complaining that their own pipelines are taking time to fill.
And despite the announcements of a series of new mega-projects across the GCC, there are others where work had already begun but where progress remains so slow as to be barely noticeable.
The recent MENA Projects Tracker published by global bank Citi stated that of the $2.5tn worth of work currently on the books in the Middle East, 90% is in the GCC. Saudi Arabia and Qatar lead the way, with $784bn and $669bn worth of projects respectively.
Yet despite the headline-grabbing figure, there is an acknowledgement that much of what is planned is still either early-stage or in the pipeline, with construction yet to move onto site. Only 56% ($1.4tn) of it is defined as under construction, while 25% ($600bn) is classed as being at a “relatively advanced” stage of pre-contract development and 21% ($500bn) is defined as early stage.
Ventures Middle East figures suggest the trend of work being completed is climbing, though, with the value of projects set to finish this year likely to reach $128.46bn – a 92% increase on the $66.9bn achieved in 2013.
With this in mind, Construction Week takes a look at the top 25 projects in the GCC ranked by Ventures Middle East and gives a briefing on their current progress.
To see detail about top 20 projects, please click this link ” Middle East’s Top 20 projects”
Thanks to Construction Week Online.
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