The value of construction contracts in GCC during 2015 is likely to reach 194 billion dollars which is 2 billion dollars less than last year’s total awards of contracts which reached 196 billion dollars.
The research firm Ventures Onsite attributed the fall in constructions value to the drop in oil prices which has lowered transportation and building materials costs, however, the report said that construction sector in GCC remains “sturdy”.
Saudi Arabia gained the biggest share of construction contracts value with 44% of the total value, UAE came second with 31%, then came Qatar with 11% and Kuwait with 6%.
It appears that despite falling oil prices GCC states governments are still heavily investing in infrastructure projects such as housing and healthcare. Saudi Arabia continued investing in infrastructure, UAE revealed a number of fancy projects, and Kuwait trebled its contracts awards for this year.