The GCC construction market rebounds strongly in the Q1 of 2021 after a massive fall in the previous year due to the outbreak of the coronavirus pandemic.
GCC reported $35.6 billion worth of new schemes in Q1 2021, which cover 55% of the total announcements in 2020, this is as per the information provided in BNC Projects Journal.
Saudi Arabia was on the top in the chart, putting in $19 billion or 54% of the newly-reported projects, then comes Qatar with a 21% portfolio. The utility sector was on the top when compared to its sectors with $14.5bln, whereas the oil gas sector added $ 10bln in recently-announced projects.
“Saudi Arabia would like to draw a fine line in the sand that leads the country into the future. This isn’t just another line that the Red Sea can gently wash away. This is a bold, daring, and ambitious line,” said Avin Gidwani, CEO of Industry Networks, which produces BNC Projects Journal.
The GCC construction market is calculated at $2.2 trillion, with more than 22,000 active projects as of Q1 of 2021, it stated.
Saudi Arabia currently holds $823.5 billion of active projects, of which 28% are in the initial stages.
“Saudi giga-construction can be a lifeline and as business advice goes, the best that you can do at present is to get in line to serve an upcoming market in Saudi Arabia,” added Gidwani.
Qatar shared two-third of total project awards in the GCC, with the oil and gas sector sharing 70% of the load.
The project finishes in Q1 of 2021 registered a 20% quarter-on-quarter fall as projects cost of $47.5 billion were delivered in the GCC. The urban construction sector shared half the load as UAE and Saudi Arabia took main positions with 42% of 33% participation, respectively.