(MENAFN - Qatar News Agency) Airports captured the bulk of transportation contracts awarded in the first five months of 2012 with 2 billion worth of projects throughout the GCC.
Road construction came in second with 1.6 billion worth of contracts; followed by port projects valued at 1.2 billion while rail contracts awarded reached 424 million.
The data, cited by the Saudi daily (Arab News), was released by MEED, a leading provider of business intelligence, ahead of the Arabian World Construction Summit 2012, which will present a comprehensive overview of construction and infrastructure projects across key sectors and markets in the Arab world.
"Governments across the GCC will continue to invest in the infrastructure sector to support economic growth, and one of the busiest will be the transportation sector. Airports are currently leading the boost, as tourism continues to be a major growth driver in the region," said Edmund O'Sullivan, chairman, MEED Events, organizers of the annual Arabian World Construction Summit (AWCS).
The summit will gather the construction industry's leading stakeholders to discuss the prospects and challenges confronting the sector across the Arab world. Renowned speakers will provide valuable insights into the type of projects that will be needed, as well as how funding and finances could be identified to bankroll the mega projects needed to spur economic activity in the region.
"The GCC will continue to be a beehive of activity from ongoing projects and future investments. However, we will also hold special sessions on Iraq and Egypt and the massive opportunities at stake for contractors, financers and project owners," added Sullivan.
With almost 300 billion worth of projects to be awarded until 2016, construction costs will play a key role in both project conceptualization and execution. A special report reviewing the current cost index against project awards will be presented. Summit participants will also get a first glimpse of the construction cost forecast for 2013.
Another highlight of this year's Arabian World Construction Summit is a master class that provides attendees a solid understanding of the macro-economic and political factors affecting the construction industry in the region, as well as insights into the projects industry provided by MEED's expert sector analysts in construction, power and water, oil and gas/petrochemicals, infrastructure and transport, as well as renewable energy.
Organized by MEED Events and sponsored by CPC, Emirates Steel, Tekla, Mashreq Bank, Al-Tamimi and Co., Drake & Scull, Sustainable Solutions and TAV Construction, the Arabian World Construction Summit takes place on May 20-23 at The Westin Abu Dhabi Golf Resort and Spa.