(MENAFN) The value of awarded contracts for new construction projects in the GCC is expected to reach about USD180 billion this year, which is the largest amount for six years despite oil prices declining, Arab News reported.
This increase in the value of awarded contracts is mainly is driven by substantial projects which are being awarded by Qatar, the UAE and Kuwait, and despite Saudi Arabia, which is the biggest market in the region, slowing its contract awards this year. By awarding about USD40 billion worth of projects, a decline from USD66 billion awarded by the Kingdom last year.
This decline in awarded projects in Saudi Arabia comes as a result of the government's recent decision which resulted in difficulties in making land available, as well as labor reforms which are aiming to reduce the country's reliance on foreign workers.
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