DOHA: The GCC projects market index rose by 0.2 percent to $2.49 trillion as of the third quarter of 2012. According to Meed’s Gulf Projects Index, a comprehensive and up-to-date tracking system of projects that are either underway or planned throughout the region, the continuing growth in the GCC’s projects industry was driven by strong growth in the UAE and Kuwait projects market; while Qatar, Bahrain and Saudi Arabia remained relatively steady.
“The growth of the projects industry in the GCC continues to have an impact on the overall development of the region. It is within this context that we established the awards to recognise quality projects and acknowledge their merits to create a standard of projects that needs to be lived up to. Once you recognise quality projects, others are motivated to live up to that standard and in the process push the boundaries for the projects industry as a whole,” said Edmund O’Sullivan, chairman of the judging panel of the 2013 Meed Quality Awards for Projects, in association with Ernst & Young, an independent awards recognition scheme established to recognise project excellence across several categories.
The index further shows that Kuwait recorded the region’s biggest rise in the value of its projects sector, increasing 1.4 percent to $185.9bn. Oman continues its growth trend, with the value of its projects sector rising 12 percent compared with the same period in 2011. The strong growth in the UAE’s projects industry was attributed to the revival of three projects worth $960m, and the launch of three new projects worth a combined $230m. Overall, the Gulf Projects Index is up five percent compared to the same period in 2011. Saudi Arabia remains the region’s fastest growing projects market, reporting a 27.7 percent year-on-year growth.
According to Abraham Akkawi, Partner and Head of Infrastructure and PPP Advisory Services, Mena, Ernst & Young, recognising quality achievements in the projects industry is important because of the tremendous economic, social and environmental impact that they have on the GCC as a whole.
“It celebrates the achievements of the GCC’s projects industry in delivering the infrastructure and building projects that are laying the foundations for the future of the Gulf region,” Akkawi added.
Qatar was one of last year’s big winners with two major awardees – Qatar Petroleum and Qatar Shell’s Pearl GTL joint venture project (nominated by Qatar Shell) scooped the highly coveted Meed Quality Project of the Year Award, in association with Ernst& Young; and the Oil & Gas Project of the Year honours. Projects completed between January 2011 and December 2012 are eligible to compete in the awards programme.
The Peninsula
