GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate and Retail

 
  Share
News Announcements
  1. The total value of 21,893 construction projects reaches Dh8.8 trillion (US$2.4 trillion) at the beginning of September 2017, which is higher than the GDP of 205 countries, and lower than the world's top six economies.
  2. Value of urban construction projects reached $1.185 trillion (Dh4.34 trillion) in September 2017, BNC Construction Intelligence report shows
  3. Value of the energy projects have reached $331 billion (Dh1.21 trillion) in September 2017
  4. Value of utility project in the Gulf reached $302 billion (Dh1.1 trillion) in Sept., 2017
  5. Total value of industrial projects reach $181 billion (Dh666.47 billion), according to BNC Network
  6. BNC Network tracks 25,324 live projects worth Dh26.4 trillion across the GCC
Dubai, UAE, September 10, 2017:  Total value of 21,893 active construction projects in the GCC reached US$2.4 trillion (Dh8.8 billion) at the beginning of September 2017, according to according to BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region.
 
Of these, the total value of urban construction projects reached $1.18 trillion (Dh4.34 trillion) in September 2017, BNC Construction Intelligence report shows – reflecting the buoyancy of the project market and the fact that the governments of the six Gulf countries are determined to carry out the important infrastructure projects.
 
The urban construction contracts constitute 80 per cent of the contracts awarded for all sectors in GCC and in dollar terms this translates to 49 per cent of the total contracts awarded.
 
“The governments and the private sector developers of the GCC region appears to be unmoved by the slowdown in the global economy and the lower oil price environment. Our latest GCC Construction Intelligence report shows that the projects are going ahead despite the challenging global economic situation,' Avin Gidwani, Chief Executive Officer of BNC Network, says. “This is very good news for the businesses considering the overall global economy where countries are trying to push the economic growth rate to a slightly higher level.
 
“The continuation of these projects, worth Dh8.8 trillion, will keep many businesses, especially the sub-contractors, suppliers remain in business and help save millions of jobs across the region. If these projects continues as planned, the region will not only be saved from a possible recession and job losses, but also these will ensure stronger economic growth across the region,” he added.
 
The GCC constitutes 85 per cent of all active projects in the MENA and in dollar terms, these projects account for 68 per cent of the total estimated value.
 
The report, released on the eve of the Cityscape Global exhibition that takes place at Dubai World Trade Centre from September 11-13, is expected to see a flurry of new project announcements.
 
“Over the last few days, we have seen a number of new projects being announced, including a Dh24 billion mixed-use master-planned project in Sharjah, in addition to a Dh3 billion new neighbourhood near the University City at Juraina in Sharjah as well as a Dh1.5 billion tower to be managed by Shuaa Capital,” Avin Gidwani says.
 
“Earlier, Wasl Asset Management Group has announced Wasl 1 – a new mixed-use freehold community next to Dubai World Trade Centre – that expands the freehold areas into the traditional downtown of Dubai.
 
“These are exciting times for all those living in the GCC and the UAE – where most of the economic development activities are happening and we are passing through an exciting time.”
 
Value of the oil and gas projects in the oil-rich Gulf region has reached $331 billion (Dh1.21 trillion), while the total value of utility project in the Gulf reached $302 billion (Dh1.1 trillion) in September 2017, the report shows.
 
Total value of industrial projects reach $181 billion (Dh666.47 billion), according to BNC Network, which will help the region to become self-reliant and less dependent on imported products – as the completion of the industrial projects mean they will produce value-added products.
 
“Events like Dubai Expo 2020 along with stabilisation of the oil price and the drive of the various GCC countries to achieve economic diversification and increase in the living standards will play a vital role in the construction industry contract awards,” Gidwani says. 
 
“As the economic growth is expected to pick up pace next year, we expect an increased construction activity across the board in 2018. New project announcements by major developers that have taken place from 2016 till now – will go into tender next year and trigger increased construction activities across the GCC.”
 
August, 2017
In August, the number of active projects in the GCC increased by 2 per cent as compared to July, 2017 and the total estimated value of these projects increased by 1 per cent.
 
“These are a reflection of the ground realities of the GCC economy – and shows that the Gulf countries are investing their wealth more carefully and intelligently, to build a brighter future and more sustainable economies,” Gidwani says.
 
A total of 142 active projects with a combined estimated value of $14 billion moved to construction from other stages during the month. The largest project to be awarded in August was Phase 1 of Duqm Oil Refinery located in Oman worth $2.75 billion  
 
A total of 596 active projects with a combined estimated value of $13 billion were completed during the month. The largest project to be completed in August was the Presidential Palace project located in Abu Dhabi.
 
In August, 90 active projects with a combined estimated value of $15.6 billion were put on hold in the GCC. The largest project to be put on hold was Section 1 of Phase 1 of Makkah Mass Rail Transit (MMRT) System located in Makkah, Saudi Arabia
 
BNC, the largest project intelligence provider in the MENA region, tracks 25,324 live construction projects with a value exceeding $7.2 trillion (Dh26.4 trillion). It publishes more than 250 project updates that are distributed amongst 73,000 executives and professionals every day.



Posted by : GoDubai Editorial Team
Viewed 11126 times
Posted on : Sunday, September 10, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Value of UAE's building projects reaches Dh836 billion in Sept 2017
Next Story : Abu Dhabi Fund for Development Celebrates Emirati Women's Day with Expert-led Seminar
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
The FW18 Trend Report From Weill Paris
Climax Mascara Never Fake It
Discover the Secret to Younger-looking, Radiant Skin
Keep your skin looking healthy and hydrated, naturally
Jessica Kahawaty in Dubai to Celebrate the Launch of SUKIN, Australia's No.1 Nat...
Brow Contour Pro 4-in-1 defining & highlighting brow pencil
LOOTAH Perfumes brings a collection of delicate scents to fulfill the needs of t...
The Balmain Haute Elegance Oval mirrors the brand's soul
BodyO launches officially its AiPod for a full body check-up during the Gitex Fu...
The Rado DiaMaster Petite Seconde Automatic COSC The Rado watch at the top of th...
Get flawless skin with Rodial's new Booster Drops
The World of Aigner Wunderkammer
Johnson's launches Fresh Hydration Range – Cleansed, hydrated skin in just #OneSwipe
Lexus Design Award 2019 open for entries
Elegant and feminine new Mini Bubble set to make a big splash
Trend Alert! Giddy up on the best platform with your new horse-inspo ensemble fr...
Manero Peripheral (43 Mm) Classic Watchmaking Meets State of,the Art Technology
Introducing the GUESS Jeans Fall 2018 Collection'
Curate your perfect Autumn Winter wardrobe, with Robinsons
Dubai Shopping Festival Returns With Much-awaited Mega Raffles
Mohammad Abdullah, President of Dubai Institute of Design and Innovation (DIDI)
Corum Heritage Eleganza- Dedicated to the stylish woman
Daniel Craig Brings the Diver 300m to the Surface
DS Podium Chronograph 1/100 sec
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch'
OMEGA gets set to time the Youth Olympic Games Buenos Aires 2018
Joyalukkas Celebrates the Festival of Light with Irresistible Offers
With more collections and a more spacious car parking, Kalyan Silks moves to El...
Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turno...
Global Report Reveals That the “Feeling of Home” Is Moving Beyond Four Walls
Fifi & Friends - Now available at more outlets across the UAE
Sharjah Government pavilion highlights digital transformation of Sharjah at GITE...
Kibsons Expand Vegan Range
Health Shield Medical Center to Celebrate Women of the Capital
Halloween “Catwoman” mask using BROW products
AXOR is the official partner for bathroom fixtures of the Design Hotels™ brand
Lacoste Introduces the Keep Playing Collection for Women
The Ford F-150 Raptor: Your Ultimate Partner for Off-Road Adventure
Nokia smartphones serves first slice of Android™ 9 Pie on the award-winning Noki...
Emirates Airline Dubai Rugby Sevens 2018 FactSheet
Sharjah Girl Guides Unleash their Power on International Day of the Girl Child
Festival Plaza Announces Lulu Hypermarket at New Lifestyle Destination
Western Digital powers AI-enabled storage for futuristic surveillance and security
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performance...
SIBF 2018 Invites Young Visitors to the Wondrous Land of Edutainment
Nissan to Make Official On-track Formula E Debut
Toyota's legendary King goes urban with the 2019 Land Cruiser Grand Touring Edition
CITIZEN Unveils 100th Anniversary Limited Edition Collection
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season
UAE Toastmasters community to host the world champion of public speaking