GCC projects market still on the rise in third quarter of 2012
- United Arab Emirates: Tuesday, October 23 - 2012 at 13:11
- PRESS RELEASE
The GCC projects market index rose by 0.2% to $2.49 trillion as of the third quarter of 2012, driven by strong growth in the UAE and Kuwait projects market.
The MEED Quality Awards for Projects, in association with Ernst & Young, is the only awards programme in the GCC to recognise completed projects and evaluates the outcome of the construction process, rather than the process itself. Now in its third year, the awards programme is judged by an independent jury panel consisting of respected authorities in the projects industry who will determine the winners at the national and regional level of the competition.
According to MEED's Gulf Projects Index, a comprehensive and up-to-date tracking system of projects that are either underway or planned throughout the region, the strong growth in the UAE's projects industry was attributed to the revival of three projects worth $960m, and the launch of three new projects worth a combined $230m.
Elsewhere in the region, Kuwait recorded the region's biggest rise in the value of its projects sector, increasing 1.4% to $185.9bn. Oman continues its growth trend, with the value of its projects sector rising 12% compared with the same period in 2011; while Saudi Arabia, Bahrain and Qatar remained relatively steady. Overall, the Gulf Projects Index is up 5% compared to the same period in 2011. Saudi Arabia remains the region's fastest growing projects market, reporting a 27.7% year-on-year growth.
According to Abraham Akkawi, Partner and Head of Infrastructure and PPP Advisory Services, MENA, Ernst & Young, recognising quality achievements in the projects industry is important because of the tremendous economic, social and environmental impact that they have on the GCC as a whole. "It celebrates the achievements of the GCC's projects industry in delivering the infrastructure and building projects that are laying the foundations for the future of the Gulf region," Akkawi added.
The UAE led the region with four awards at last year's edition of the MEED Quality Awards for Projects, in association with Ernst & Young, including Industrial Project of the Year for Emirates Aluminium Smelter Complex (nominated by SNC-Lavalin International), Transport Project of the Year for the Road and Transport Authority's Dubai Metro Green Line, Social Project of the Year for Abu Dhabi Tourism Development & Investment Company's Saadiyat Construction Village (nominated by HLG Leighton Contracting), and the Emirates Steel Building Project of the Year for Damac's Ocean Heights (nominated by Arabtec Construction LLC).
Projects completed between January 2011 and December 2012 are eligible to compete in the awards programme. Submissions for the 2013 awards programme are now being sought in the following categories: Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year and Sustainable Project of the Year.
The deadline for submission of projects has been set on January 31, 2013. Winners will be announced in May 2013.
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