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Led by tender activity in Saudi Arabia and Egypt, the pace of awards revved up in the second quarter of this year
Long-term plans support GCC project activity
Saudi Arabia’s Vision 2030 and other strategic plans across the region have ensured that project activity continues despite economic cycles
As uncertainty clouds the near-term outlook for the global economy, there are bright spots for the GCC projects market. Governments are continuing to spend on projects that support their long-term strategic plans.
The largest of these plans by far is Saudi Arabia’s Vision 2030. Launched in 2016, it aims to transform the kingdom’s economy by developing sectors such as transport and logistics, manufacturing and tourism. It includes some of the world’s biggest construction projects, such as the $500bn Neom development.
These projects, most of which were launched in 2017, have spent several years in the planning stages. After a stuttering start to construction thanks to the disruption caused by the Covid-19 pandemic, construction activity is now ramping up. Read more
MEED’s August 2022 Agenda on weathering the storm includes:
> Gulf states hope to weather upcoming storm
> Long-term plans support project activity
> GCC offers stability and opportunity
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