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FinancialNews
28-11-19
Oil, gas sectors contribute 80 percent of GCC project market growth
(MENAFN) According to a report by BNC Intelligence, GCC project announcements shot up and raised optimism in the construction market with the 80 per cent contribution from the oil and gas and urban construction sectors of the total announcements made in October.
The GCC construction market is approximated at USD2.5 trillion, with over 26,000 active projects at the end of October, it stated.
The report added that projects worth USD20 billion were announced in October alone, half of which were announced in Saudi Arabia.
BNC Intelligence said in the 12th edition of its Projects Journal titled: The Riyadh Roller Coaster, of the total project announcements, the UAE amounts to 48 per cent of the total awards in October, while Saudi Arabia contributed 50 per cent.
MENAFN2811201900450000ID1099339102
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