Rising oil prices and increased government spending is powering a 12 percent year-on-year rise in the construction sector across the Gulf region.
A November 2018 report said construction contractor awards across the Gulf Cooperation Council’s (GCC) building, infrastructure, and energy markets is expected to increase to US$140.5 billion in 2019, compared to US$125 billion in 2018. The total GCC construction project value across all three sectors is estimated to be currently worth US$3.6 trillion.
The whitepaper, published by intelligence platform Ventures ONSITE, added that rising populations, ongoing investments in infrastructure and energy, as well as upcoming mega events such as Dubai’s Expo 2020, are other factors that continue to drive the GCC’s construction activity.
Buildings, comprising residential, commercial, mixed use, airports, sports facilities, hotels, healthcare, education facilities and industrial projects, will be largest contributor to construction sector in 2019, with new contractor awards estimated to value US$69.7 billion. That’s followed by energy projects (US$48.5 billion), and infrastructure (US$22.3 billion).
This in turn is expected to fuel demand for video surveillance, access control, fire safety systems, building automation and smart home solutions, as well as construction-related personal protection equipment.
All of which will be on show by more than 1,300 exhibitors from 59 countries at the upcoming Intersec 2019 exhibition in Dubai, the world’s leading trade fair for security, safety, and fire protection.
Ventures ONSITE’s whitepaper was published exclusively ahead of the annual three-day event, which takes place from 20-22 January 2019 at the Dubai International Convention and Exhibition Centre.
Intersec 2019 is held under the patronage of His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, and officially supported by the Dubai Police, Dubai Civil Defence, Dubai Police Academy, Dubai Municipality, and the Security Industry Regulatory Agency (SIRA).
Dubai International Convention and Exhibition Centre
Ventures ONSITE’s whitepaper is available to download at www.intersecexpo.com.