Bouyed by the recovery in global crude prices and authorities push to diversify their respective economies, the GCC’s construction sector continued its upward journey in April as the sector witnessed the awarding of significant multi-million dollar projects and other developments.
High energy prices in 2021 helped the Gulf’s largest economy, Saudi Arabia, forecast its first budget surplus in eight years for 2022. Even so, many countries remained focused on balancing their budgets after two years of pandemic-related spending – a trend that continued into 2022.
The region is experiencing substantial investments in construction and infrastructure development, indicating continuous endeavors to diversify the economies of Middle Eastern nations and establish a sustainable infrastructure for the future.
Noteworthy contract wins in the previous month were secured by prominent contractors like Larsen & Toubro, Estithmar Holding, iBuild Construction, and ILF Consulting Engineers, among others.