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GCC projects' value decrease 15 percent in 2016
(MENAFN) The value of project deals in the Gulf Cooperation Council nations fall by 15 percent to USD 140bn this year compared with USD 165bn a year earlier.
However, Saudi Arabia will be the worst hit with contract expected to decrease by around USD 10bn to reach USD 40.7bn in this current year.
Moreover, MEED projects forecasted whole deal awards of more than USD 172bn for the year, although the real value amounted USD 165bn at the beginning of 2015.
"The biggest underperformer last year was Saudi Arabia. The announced hiatus on contract awards in Q4, plus the postponing of several key projects," said director of Content at MEED projects.
However, Saudi Arabia will be the worst hit with contract expected to decrease by around USD 10bn to reach USD 40.7bn in this current year.
Moreover, MEED projects forecasted whole deal awards of more than USD 172bn for the year, although the real value amounted USD 165bn at the beginning of 2015.
"The biggest underperformer last year was Saudi Arabia. The announced hiatus on contract awards in Q4, plus the postponing of several key projects," said director of Content at MEED projects.
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