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Dubai / Emirates Business
The Middle East and North Africa (Mena) region is home to some of the most exciting projects markets in the world. With an estimated $3.5 trillion 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 $2.1 trillion. Transport is the second biggest segment with $931.2 billion of projects; followed by the oil & gas sector, with about $662 billion worth of projects planned or underway.
Saudi Arabia remains the biggest market in the GCC with a $1.2 trillion project pipeline, followed by the UAE with $640 billion and Kuwait with $206 billion. Oman has a pipeline of projects valued at $134 billion while Bahrain has $70 billion.
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 $216 billion projects has 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.