Order backlog of GCC contractors rose 4.8 per cent year-on-year to $12.7 billion (AED46.6bn), despite drop in the value of Q3 contracts, says a report.
UAE construction contractors Arabtec and Drake & Scull have the largest order backlog in the GCC, which accounts for 51 per cent and 33 per cent respectively of the sector’s backlog, reports Kuwait-based Global Investment House.
The total value of projects awarded to the GCC contractors dropped 37.3 per cent to $800 million (AED2.9bn) in Q3 2014 compared to $1.3bn (AED4.77bn) in the same quarter last year.
On a quarter-on-quarter (QoQ) basis, projects awarded decreased 50.5 per cent, says Global Investment House in its third-quarter update on GCC construction contractors.
Arabtec’s project awards fell to $300m (AED1.1bn) in Q3 2014 from $600m (AED2.2bn) in the same quarter of 2013, while those of DSI declined to $369m (AED1.35bn) in Q3 2014 from $414m (AED1.5bn) in the corresponding period of 2013.
The overall GCC projects market totalled $2.49 trillion at the end of September 2014 with Saudi Arabia maintaining its leadership position.