GCC infrastructure contract awards forecast to top $45 billion in 2014
A new report forecasts that a more than USD45 billion of infrastructure contracts will be awarded to by the end of 2014 - double the USD22.6 billion awarded in 2012.
The report “GCC infrastructure Market 2014” gives a snapshot of the billions of dollars being spent across the region with a focus on five areas: rail, roads, airports, ports and free trade zones.
The report also calculates that USD97 billion of rail contracts are already underway as all six countries work towards the planned 2,117km GCC-wide rail network by 2018.
The Ventures report says almost USD300 billion will be spent on airports in the Middle East over the next five years with passenger numbers in the GCC expected to reach almost 4 billion by 2017. And every GCC country is involved in expanding its seaports with an estimated USD25 billion of ports expansion and investment planned.
Qatar has invested USD8.2 billion on a state-of-the-art industrial port, Doha’s New Port Project, which is set to be completed ten years ahead of schedule in 2020.
Alongside its analysis of the current infrastructure market, the report prepared by Ventures Middle East in association with The Big 5 construction exhibition taking place in Dubai in November, gives guidance on licensing and registering your product or service in the region.
A vital part of a country’s infrastructure development is free trade zones and all countries in the GCC except Saudi Arabia offer them, though the UAE has the vast majority with 20.
The report says: “Free Trade Zones, or Special Economic Zones, are designated areas where governments allow businesses to set up. The UAE has the highest number of Free Zones in the GCC at 38, 20 of which are in the Emirate of Dubai.”
The report explains how they benefit foreign companies and suppliers and offers a checklist for any company looking to do business in the lucrative infrastructure sector.
To encourage international manufacturers and suppliers to set up their business in the UAE, The Big 5 organises a free seminar on How to Trade in the UAE, providing detailed information about free zones, legal framework and a step by step guide on how to do business in the country.
Adil Al Zarooni, senior vice president of sales Jebel Ali Free Zone (JAFZA) and Economic Zone will be one of the keynote speakers at the How to Trade Seminar.
He will offer an insight into the way free zones operate across the GCC. He says: “I will be speaking about the types of businesses and industries that will be attracted and I will highlight some of the success stories from Jafza.”
The Big 5 runs from 17 – 20 November at the Dubai World Trade Centre and is open from 11:00am to 7:00pm daily.