DUBAI, UAE, March 28, 2017 /PRNewswire/ --
The total value of 1,381 active transport projects in the Gulf
region rose one per cent in a month to February 2017 to Dh1.39 trillion (US$379.7 billion) from January 2017, according to BNC Networks - the
largest and most comprehensive project research and intelligence
provider in the Middle East and
North Africa (MENA) region.
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In terms of value, rail represents $190.4
billion (Dh698.76 billion) or 50 per cent of the total
US$379.7 billion (Dh1.39 trillion)
worth of projects followed by road construction representing
$121.4 billion (Dh445 billion) or
nearly 32 per cent of all transport projects. The aviation sector
has over a hundred ongoing projects worth over $41 billion while the marine project value
reached $26.5 billion.
With 1,028 projects or 74.43 per cent, the highest number of
active transport projects is within the road construction
sector.
"These facts reflect the strong focus by the governments of the
six oil-rich Gulf countries on improving physical connectivity that
is crucial for cross-border movement of goods and services as well
as economic integration of the region to become a stronger economic
block," Avin Gidwani, Chief
Executive Officer of BNC Networks, says.
"Improved and efficient transport network will become vital for
cross-border tourism and people-to-people engagement as the
region's governments push economic development to the next
level."
The transport sector constitutes seven per cent of the number of
all active projects in the GCC. However, in terms of value,
transport projects account for 17 per cent of the total estimated
value for all projects in the region. Of these, 592 projects, or
nearly 43 per cent of the projects with an estimated value of
around $128 billion (Dh470 billion)
are under construction in the UAE.
Some notable multi-billion dollar transport projects under
construction include Riyadh Metro
project in Saudi Arabia, expansion
project of Kuwait International
Airport (KIA) and Midfield Terminal Complex (MTC) in the UAE.
BNC Project Intelligence shows seven transport projects with a
combined value of around $890 million
(Dh3.26 billion) were awarded in February. The largest transport to
be awarded in February was the new liquid berths terminal project
at Duqm port worth $510 million
(Dh1.87 billion) in Oman.
Twelve transport projects with a combined value of $380 million (Dh1.4 billion) were completed in
February 2017.
About BNC
BNC (Business News for Construction) is used by thousands of
business leaders and construction professionals around the world to
track developments, gain insight on projects and do business. Its
key role is to track projects from concept to completion and offer
comprehensive information on property developers, consultants,
contractors, sub-contractors and suppliers involved with a project.
BNC covers construction projects, across all sectors including
urban construction, transportation, utilities, industrial and oil
& gas. BNC is a flagship project intelligence service of
Industry Networks, a leading provider of construction intelligence
and informatics in the Middle East
and North Africa. For more
information, visit bncnetwork.net
Contact:
BNC
Manisha Giamalani
mgiamalani@bncnetwork.net
(+971)600-522-001