MENA projects pipeline valued at $3.5 trillion

Muscat, DEC 22 – The Middle East and North Africa (MENA) region is home to some of the most exciting projects markets in the world. With an estimated $3.5tn worth of projects planned across the region, the pipeline of future projects is vast. Data from MEED Projects show that construction, which covers private real estate and public buildings, represents the biggest segment of the MENA projects market valued at $2.1tn. Transport is the second biggest segment with $931.2bn of projects; followed by the oil & gas sector, with about $662bn worth of projects planned or underway.
Saudi Arabia remains the biggest market in the GCC with a $1.2tn project pipeline, followed by the UAE with $640bn and Kuwait with $206bn. Oman has a pipeline of projects valued at $134bn while Bahrain has $70bn.
Some of the most significant projects will be driven by a new generation of clients such as the Renewable Energy Project Development Office (Repdo), or Public Investment Fund (PIF), both in Saudi Arabia, or the Kuwait Authority for Private Partnerships (KAPP), which are seeking private sector partners for strategic projects in tourism, housing, renewable energy and transport. The return of markets Egypt and Iraq will also drive opportunities.
For the last 10 years, an average of $216bn projects have been awarded annually, with the GCC region accounting for about two thirds of this volume. Many of these projects have since been completed and have become key pillars of the socio-economic progress of the region. For a select few, completion has likewise meant earning accolades for project quality and excellence from the annual MEED Projects Awards, in association with Mashreq, the most prestigious recognition programme honouring the best projects in the GCC that have been instrumental in transforming the region.
“Although the region has been experiencing challenging business conditions, much like the rest of the world, the need for infrastructure and economic diversification is greater than ever.
The recovery of oil prices and the expected improvement of the economic landscape across the region next year, projects are expected to move forward beyond the planning stage — this is something everyone is looking forward to. Until then, however, we focus our attention on completed projects which have surpassed engineering and economic challenges to see which ones have become new beacons for project quality in the region,” said Mohammad al Shouli, Senior Vice President, Mashreq Bank, headline sponsor of the awards programme.
Companies involved in projects completed in the GCC in 2017 and 2018 can enter the 2019 MEED Projects Awards, in association with Mashreq in one of the following 16 categories: Industrial Project of the Year, Commercial Property Project of the Year, Education Project of the Year, Healthcare Project of the Year, Tourism & Leisure Project of the Year, Residential Project of the Year, Oil & Gas Project of the Year, Power Generation Project of the Year, Transport Project of the Year, Road Project of the Year, Water Project of the Year, Megaproject of the Year, Small Project of the Year; and Social, Cultural and Heritage Project of the Year.
“In my opinion, these are the most important awards of the year in this region,” said MEED editorial director Richard Thompson. “The GCC projects industry is laying the foundation for the future of this region. The projects that are being built today will determine the success of the region in 10, 20, 30 years and more.
They will create jobs, they will drive diversification, and they will stimulate investment. Pan-regional projects such as the GCC railway, or GCC electricity grid will drive unity and security. What could be more important?”