GCC contracts record 11.4% growth in 2009
In an apparent indication of signs of recovery in the global economy, GCC registered 11.4 per cent rise in the construction projects. GCC secured construction contracts worth $142.4 billion despite a very challenging period of economic slowdown in 2009.
The quarter fourth itself recorded highest number of projects worth $61.6 billion reporting an increase of 63 per cent as per data released by Global Investment House. The highest number of projects was awarded in the months of December and July 2009. The average contracts that stood at $10.6 billion in 2008 surged to $11.8 billion in 2009.
The report says, "Most of the UAE cement companies are focusing more on these measures and we expect if the prices and utilization rates continue to decline, more and more cement manufacturers would be focusing on cost-control measures."
However, the report cautioned against mismatch between demand and supply in the market that can hit prices. The situation can be better gauged from the condition of Saudi Arabia, having the heftiest size of projects in 2009 and around 8.5 per cent on hold. Hopes of further decline in export due to capacity expansions in neighboring countries and tough competition may impact the projects.
New Zealand News
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- MGE gets six-month extension for South Korea’s Inspire Entertainment Resort development project
- Price of two cheapest trims of Tesla Model 3 electric sedan increased by $500
- Genting Malaysia asks employees to accept reduced pay; executives to take leave without pay
- Tesla to design & build affordable EV in China: Tom Zhu
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies