{"id":1795,"date":"2016-01-18T00:43:04","date_gmt":"2016-01-17T17:43:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=1795"},"modified":"2016-01-17T21:59:08","modified_gmt":"2016-01-17T14:59:08","slug":"gcc-contract-awards-to-drop-by-15-in-2016","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gcc-contract-awards-to-drop-by-15-in-2016\/","title":{"rendered":"GCC contract awards to drop by 15% in 2016"},"content":{"rendered":"


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\nThe value of construction contracts due to be awarded this year is set to drop by 15 per cent as government spending plans in the GCC are reined in by low oil prices.According to Meed, the value of projects is set to decline to US$140 billion this year, compared with $165bn last year.Saudi Arabia will be one of the hardest-hit markets, with new contract awards likely to drop by almost 20 per cent, or about $10bn, to $40.7bn.
\nContract awards in Qatar are set to fall by 24 per cent to $22.2bn and Kuwait by 23 per cent to $24.3bn \u2013 from an all-time high of $31.5bn last year. The UAE, meanwhile, will only experience a drop of 2.4 per cent, or $900 million, in contract awards to $36.5bn, from $37.4bn. Meed said that the market would be buoyed by continued spending on real estate and infrastructure in Dubai, and by long-term strategic spending on oil and gas projects in Abu Dhabi.
\nThe $165bn awarded in the region last year was below Meed\u2019s forecast of $172bn, which it blamed on the postponement of projects in Saudi Arabia and the UAE.\u201cIn the UAE, the principal cause of the federation\u2019s underperformance was the Abu Dhabi market,\u201d said Meed\u2019s director of content and analysis for projects, Ed James. \u201cWhile oil and gas spending there has remained robust, investment in the civil construction sector has been relatively anaemic compared with previous years.\u201d
\nA new report from the market research firm Timetric\u2019s Construction Intelligence Centre argued that the UAE\u2019s construction market would continue to grow at a compound rate of more than 6.5 per cent over the next five years, up from about 3.5 per cent between 2010 and 2014. This will come from increased infrastructure spending in the run-up to Dubai\u2019s hosting of the 2020 World Expo, Timetric said, and from projects to diversify the economy \u2013 particularly in manufacturing.
\nmfahy@thenational.aeFollow The National\u2019s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…GCC contract awards to drop by 15% in 2016<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The value of construction contracts due to be awarded this year is set to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1795","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sX","jetpack-related-posts":[{"id":13870,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gcc-construction-sector-expected-to-recover-by-2018-meed-says\/","url_meta":{"origin":1795,"position":0},"title":"GCC construction sector expected to recover by 2018, Meed says","date":"May 21, 2016","format":false,"excerpt":"\r The GCC construction market is facing pressure from cuts in government spending, late payments, increased overseas competition, bureaucracy and staffing challenges, according to a report from Meed.Yet despite all that, the Dubai-based research house expects the sector to recover across the GCC by 2018. The recovery would be helped\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-construction-contract-awards-drop-by-51-per-cent-in-first-three-months\/","url_meta":{"origin":1795,"position":1},"title":"Saudi Arabia construction contract awards drop by 51 per cent in first three months","date":"May 22, 2016","format":false,"excerpt":"\r Saudi Arabia's construction market is in for a \"challenging year\" as lower oil prices continue to place restrictions on capital spending, according to a new report by National Commercial Bank (NCB).NCB's quarterly construction contracts index reports that just 27.9 billion Saudi riyals (Dh27.3bn) of new contract awards were made\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/year-in-review-contractors-felt-the-pinch-as-saudi-arabia-prioritised-spending\/","url_meta":{"origin":1795,"position":2},"title":"Year in review: Contractors felt the pinch as Saudi Arabia prioritised spending","date":"December 27, 2016","format":false,"excerpt":"\r Major contractors in Saudi Arabia have suffered a terrible 2016, with the two biggest names of the sector - Saudi Binladin and Saudi Oger - being hit hardest by a government decision to halt payments to contractors on all but a handful of key projects.Saudi Binladin Group (SBG) either\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10884,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-construction-spending-in-qatar-plunges\/","url_meta":{"origin":1795,"position":3},"title":"New construction spending in Qatar plunges","date":"April 18, 2016","format":false,"excerpt":"\r \r The value of new construction contracts awarded in Qatar during the first three months of this year fell to their lowest levels in more than five years as governments in the region cut back on infrastructure spending because of lower oil prices. According to figures from Meed, contracts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52644,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parsons-chief-remains-upbeat-on-region-despite-payment-issues\/","url_meta":{"origin":1795,"position":4},"title":"Parsons chief remains upbeat on region despite payment issues","date":"April 24, 2017","format":false,"excerpt":"\r The chief executive of Parsons has said that he sees \"several good signs\" in the Middle East market, despite the challenges that it has faced in getting payments from some clients over the past 12 months.In an interview with The National, Chuck Harrington cites a stabilisation of the oil\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-construction-contract-awards-in-saudi-arabia-drop-25-in-final-quarter-of-2015\/","url_meta":{"origin":1795,"position":5},"title":"New construction contract awards in Saudi Arabia drop 25% in final quarter of 2015","date":"March 13, 2016","format":false,"excerpt":"\r \r The value of new construction contracts awarded in Saudi Arabia during the fourth quarter of 2015 slumped by 25 per cent on the previous quarter to 45.6 billion Saudi riyals (Dh44.6bn), according to new research by National Commercial Bank (NCB).Its Construction Contracts Award Index showed that 62 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1795"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1795"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1795\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}