Saudi Arabia in order to boost religious tourism has translated higher budget allocations toward the hospitality, retail, and infrastructure sectors in 2014. This is expected to result in an increase in construction activities across these sectors in the near future. Economic recovery as well as planned or underway infrastructure project as part of the country’s strategic vision 2021 will drive the UAE’s construction sector.
Seattle, WA -- (SBWIRE) -- 08/02/2017 -- The report "Investment Analysis of Construction Industry in GCC Countries (Contracts, Investments, Underway and Planned Projects (Major Construction Projects, Oil & Gas, Residential) , Raw Material Trade Information, Opportunity Analysis)", The robust GCC economy benefits from strong macroeconomic fundamentals such as solid financial reserves that protect countries against bankruptcy, more diversification, and stronger integration with world trade.
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Infrastructure segment is the largest segment in the GCC construction industry
The developed service and manufacturing service industries allow less dependence on oil revenues. The infrastructure segment, comprising of road, railways, ports, and airports, is a key focus area of the GCC countries. Besides the residential and office segments, the region is also witnessing significant projects in the segments of leisure, retail, education, hospitality, and healthcare. The GCC nations have made significant budgetary allocations toward the development of transportation such as airways, railways, roadways, and ports. Consequently, the infrastructure industry has shown a strong upward trend. Saudi Arabia dominates in terms of infrastructure projects in 2014, followed by Qatar. A number of projects are being planned in Qatar's infrastructure sector to support the growing inflow of expatriate workers and tourists in this region. Tourism is an opportunity in GCC countries as it is an asset to attract global travelers to its cultural and archeological sites, airports, and beaches.
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Government vision will push the GCC construction industry
The economy of GCC countries heavily depends on the oil & gas sector. As the prices of oil & gas are volatile, GCC countries are focusing on economic diversification to reduce their dependence on the energy sector. GCC countries are planning long-term strategies for sustainable growth. These countries are focusing on the growth of various sectors such as tourism and events. Under its strategic vision 2021, UAE plans to allocate huge budgets toward the development of its infrastructure sector. Similarly, Qatar's strategic vision 2030 plans to make heavy investments in its infrastructure, healthcare, and hospitality sectors. Developing its infrastructure and reducing housing shortage were the key concerns of the Bahraini government in 2015.
Such infrastructure projects in Bahrain will be supported by the government in this region through enormous investment. Oman government also supports the development of its tourism sector for economic diversification through investment in various sectors. Such factors are expected to propel construction activities across the GCC, particularly between 2015 and 2021. However, uncertainty over oil prices, storage of skilled labor, and issues related to safety & quality of construction sites continue to pose as major challenges in these countries. Shortages in labor and labor policy issues continue to constitute a major challenge. Also, the majority of the workforce is from overseas; there is a challenge to recruit high quality, experienced workers, as the competition to attract them is very high.
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