(MENAFN - Arab News) The construction sector in the GCC states is poised for a rebound, with 286 billion worth of projects set to be awarded between 2012 and 2016, according to research conducted by MEED Projects for the Arabian World Construction Summit in Dubai.
A breakdown of project values to be awarded in each of the six GCC countries shows Saudi Arabia leading the pace with over 119 billion to be awarded before 2016, followed by the UAE with 75 billion and Qatar with 26 billion.
Elsewhere in the GCC, Oman is expected to award more than 30 billion projects, followed by Kuwait with over 25 billion projects up for tender, and Bahrain with 10 billion.
"There is cause for optimism in the infrastructure and construction sector. This kind of growth cannot be seen anywhere else in the world, and is still driven by huge petrodollar reserves. However, with the construction sector picking up pace, GCC economies are likely to benefit and experience a positive increase in their GDP in the next four years," said Edmund O'Sullivan, chairman, MEED Events, organizers of the annual Arabian World Construction Summit.
Outside of the GCC, there are other opportunities for contractors in Iraq, where a burgeoning real estate and transport infrastructure development agenda is under way, with spending expected to top 35 billion by 2012-end.
These and many other opportunities will be discussed and dissected at the Arabian World Construction Summit, where project data and information for every single market will be comprehensively presented and reviewed. Leading companies have also been invited to share their experiences and future business plans in the region's hot markets including Qatar, whose ambitious infrastructure development program - estimated at 600 billion - will gather pace in preparation for the 2022 FIFA World Cup.
The emerging markets of North Africa will also feature prominently at the 2012 Summit. In Libya stalled projects will be revived and new projects will be tendered as the country seeks to rebuild and improve its infrastructure.