More new business opportunities in the GCC have recently opened up for Brazilian investors with $32 billion worth of large-scale urban construction projects now being tendered in the region, according to the Arab-Brazilian Chamber of Commerce (ABCC).

The ABCC, which aims to foster economic, cultural, and tourism ties between Arabs and Brazilians, said that the report recently released by Dubai-based market research firm BNC Network is strong proof that the GCC remains a promising market for Brazilian businessmen.

The report reveals that a total of 801 urban construction projects with a combined value of $32 billion are currently being tendered in the region. The same report also forecasts that the value of regional construction contracts will hit the $50.9 billion mark by the end of 2017.

"2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country, which will pave the way for more avenues to further flourish the relations between the Gulf countries and Brazil," remarked Dr Michel Alaby, the secretary-general and chief executive of ABCC.

"We are closely co-ordinating with our partners to see how we can further facilitate the flow of information and knowledge between interested parties to maximize new prospects in the rapidly increasing construction activities in the region," he added.

The BNC attributed the ‘tremendous’ construction projects in the region to mega-events such as Expo 2020 Dubai, as well as oil price stabilisation, economic diversification policies, and higher living standards.

The total contract value is likely to expand by 29 per cent to $65.6 billion in 2018, and by one per cent to $66 billion in 2019.-TradeArabia News Service