GCC projects market index hits $2.5 trillion
Manama, October 23, 2012
The GCC projects market index rose by 0.2 per cent to $2.49 trillion in the third quarter driven by strong growth in the UAE and Kuwait projects market, said a report.
The markets of Bahrain, Qatar and Saudi Arabia remained relatively steady, according to Meed's Gulf Projects Index, a comprehensive and up-to-date tracking system for projects that are either underway or planned throughout the region.
"The growth of the projects industry in the GCC continues to have an impact on the overall development of the region," said Edmund O'Sullivan, chairman of the judging panel of the 2013 Meed Quality Awards for Projects.
"It is in this context that we established the awards to recognise quality projects and acknowledge their merits - to create a standard of projects that needs to be lived up to." he added.
The Meed Quality Awards for Projects, in association with Ernst & Young, is the only awards programme in the GCC to recognise completed projects. It evaluates the outcome of the construction process, rather than the process itself.
Now in its third year, the awards programme is judged by an independent jury panel consisting of respected authorities in the projects industry who will determine the winners at the national and regional level of the competition.
The index further shows that Kuwait recorded the region's biggest rise in the value of its projects sector, increasing 1.4 per cent to $185.9 billion.
Oman continues its growth trend, with the value of its projects sector rising 12 per cent compared with the same period in 2011. Overall, the Gulf Projects Index is up five per cent compared to the same period in 2011, it added.
Saudi remains the region's fastest growing projects market, reporting a 27.7 per cent year-on-year growth.
Abraham Akkawi, the partner and head of Infrastructure and PPP Advisory Services, Mena, Ernst & Young, said recognising quality achievements in the projects industry is important because of the tremendous economic, social and environmental impact they have on the GCC as a whole.
"It celebrates the achievements of the GCC projects industry in delivering the infrastructure and building projects that are laying the foundations for the Gulf region's future," Akkawi added.
The Bapco Lube Base Oil Plant was declared the national winner of the 2012 edition of the Meed Quality Awards for Projects.
Projects completed between January 2011 and December 2012 are eligible to compete in the awards programme.
Submissions for the 2013 awards programme are now being sought in the following categories: Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year and Sustainable Project of the Year.
The deadline for submission of projects is January 31. Winners will be announced in May 2013.-TradeArabia News Service