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.
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.
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
SOURCE Industry Networks FZC