A report issued by the Victorian Government has predicted massive growth in housing, development and infrastructure in the Middle East and North Africa region over the next 10 years.
The Directory of Major Construction Developers in the GCC (Gulf Cooperation Council) indicates that design and construction companies are set to benefit from growing opportunities as countries in the Middle East and Gulf Cooperation Council rebound from the effects of the global economic downturn.
The findings show that according to the World Bank, the GDP of GCC countries is projected to grow by 3.7 percent in 2010 and 4.4 percent in 2011, in conjunction with large national population growth and a massive housing shortfall. Furthermore, a number of governments have the funding for urban development, capitalising on their oil and gas revenue surpluses.
“The construction industry in the GCC is not a secondary industry but key and will play a vital role in the region’s future. Nowhere else on earth have governments placed their hopes so unreservedly in the construction industry’s hands,” according to the report, with Saudi Arabia and the UAE continuing as the hub of the construction sector in the region.
Download the report at the Export Connections website www.export.vic.gov.au.
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