With an estimated $2.4 trillion of projects planned across the GCC, the region still offers abundant opportunities as governments seek to develop infrastructure to meet the needs of rapidly expanding populations, and to deliver economic diversification, a report said.
But while the need for infrastructure has never diminished, the crash in oil prices from 2014 to 2016 has seen major changes to the market. The value of contract awards has fallen by about $180 billion a year in 2016 and 2017. This reduced level of awards is set to continue in 2018 and 2019, said Meed, a business intelligence tool for the Middle East and North Africa.
Despite this, the region still offers some of the best project opportunities in the world. The need for infrastructure and economic diversification is greater than ever. And, as home to some of the world’s wealthiest countries, the financial muscle is available to meet these needs and the recovery in oil prices and economic growth in 2018 has seen the conditions for projects improving.
To honour stakeholders in the projects market for their outstanding contributions to the growth of the region, leading business intelligence provider Meed has shortlisted 80 companies and individuals to qualify for its prestigious Meed Awards programme.
The UAE has 60 finalists competing not just for honours in various categories, but also for a stake in some $640 billion worth of projects in the pipeline across the emirates.
Among the finalists include Distance Studio International Civil Engineering Consultancy and Five Real Estate Development for Architectural Design Practice of the Year; Black & White Engineering, Linesight, Parsons, Servicexcellence and Windmills Real Estate Valuation Services for Consultant of the Year; and ASGC, BIC Contracting, China State Construction Engineering Corporation Middle East, DEPA Group and Multiplex for Contractor of the Year.
Dubai World Trade Centre, Five Real Estate Development, Sweid & Sweid and United Real Estate Co are competing in the Developer of the Year category; Sterling & Wilson International Solar in Specialist Contractor of the Year; Siemens in Energy Company of the Year; and Alcazar Energy as well as Sterling & Winston International Solare in the Renewables Company of the Year category.
“In putting the spotlight on the achievements of various stakeholders in the projects market in the GCC, we hope to highlight their invaluable inputs to the current growth and future sustainability of the region,” said John Emmerson, director of events, Meed, the leading business intelligence provider in the Middle East.
As financing will be a critical factor to securing and implementing new projects, finalists have also been selected for the Financial Institution of the Year category such as Abu Dhabi Islamic Bank and Dubai Islamic Bank.
Other significant stakeholders vying for the award include Al Tamimi & Company, Bryan Cave Leighton Paisner, Clyde & Co, CMS, Global Advocacy and Legal Counsel and Support Legal Limited for Law Firm of the Year; Carlease Rent a Car, Pentagon, RSA Global and Tristar Transport for Logistics/Transport Company of the Year; Ducab, Dulsco and RAK Ceramics for Manufacturer/Supplier of the Year; as well as Response Plus Medical Services and Sanofi for Healthcare Company of the Year.
With any project development sustainability will be a primary consideration. Those who have shown noteworthy programmes are being considered for the Sustainability Initiative of the Year, including Consolidated Contractors Company, Dulsco, Ecocoast, Multiplex9 and Siemens.
As technology and innovation will play a big part in project execution, Meed has shortlisted finalists in these two important categories. They are du, Ecocoast, Masdar, Sanofi, Support Legal Limited and Tristar Transport for Business Innovation of the Year; while Siemens and XL Technologies are vying for honours as Technology Company of the Year.
“Anyone seeking to do business in the region must be both flexible and patient. The biggest projects will take time to come to the market, and contract awards may never recover to pre-2016 levels. A new approach to project delivery is required. Governments want greater economic sustainability and are seeking innovation improve efficiency and reduce the need for capacity expansions. Private developers are expected to take a larger share of the capital burden through public private partnerships (PPP), as well as through the privatisation of state utilities. And future projects are expected to deliver more ‘in-country’ value in terms of job and supply chain opportunities for local companies,” said Richard Thompson, editorial director, Meed. – TradeArabia News Service