GCC Construction Outlook 2020 - Opportunities and Challenges in GCC Construction - MEED Insights

GCC Construction Outlook 2020 - Opportunities and Challenges in GCC Construction - MEED Insights



With about $1tn of construction and transport projects planned or under construction, there is no shortage of potential opportunities in the GCCs construction market. And with a further $1.2bn of developments promised through long-term transformational masterplans and megaprojects, such as Saudi Arabias $500bn Neom future city, the potential of the GCC construction market is not likely to disappear anytime soon.

But while there are abundant opportunities for construction companies in the GCC, there is no shortage of challenges. Over the past five years, contractors, consultants and manufacturers have faced considerable pain and uncertainty as a result of the fall in oil prices in 2014. Cuts to government spending and a growing oversupply in the key real estate markets such as Dubai reduced new project opportunities and increased competition for work, while delayed payments hit cash flow.

In terms of contract awards, 2019 was the worst year for the GCC construction industry since 2012 with only about $57.8bn worth of construction and transport project contracts awarded in the Gulf. The figure is 9.5 per cent down on award levels in 2018. And is far below the $107.5bn of contract awards seen in 2013, the best year on record.

By the end of 2019 however, construction companies were looking forward optimistically to a long-awaited rebound in construction activity, led by the giant Saudi Arabian market. The stabilisation of oil prices and the launch of the kingdoms megaprojects promised a new dawn for GCC construction. By March however, the optimism was dashed as it became clear that the Covid-19 pandemic was not going to pass quickly, and companies shifted their focus to simply surviving the crisis.

While the Covid-19 lockdowns have disrupted supply chains and on-site delivery, a new slump in oil prices in March and April, has raised new doubts about future project opportunities. The problems of the past five years have accelerated in the first five months of 2020, and construction companies must rethink their processes and strategies in order to prepare for the new GCC construction market in a post-Covid-19 world.

Key to rethinking business development strategy is understanding where the future growth will come from, and who the key clients will be.

Written by MEED, the Middle East market experts within the The Group, "GCC Construction Outlook 2020" is the latest premium intelligence report from MEED Insight. It assesses the prospects for construction in the coming two years in the wake of Covid-19 outbreak, and analyses the opportunities and challenges for contractors, consultants and suppliers across the regions six markets.

It is a powerful resource for anyone seeking to do business in the GCC construction and infrastructure sector at a key point in the development of the market.

Reasons to Buy

- Gain an immediate insight on the GCC construction market
- Identify new business development opportunities
- Discover the current and planned client activities across the region
- Identify top contractors, clients and competitors
- Asses specific challenges and drivers behind each sub-sector

1. Executive Summary
2. GCC
2.1 State of the market overview comment
2.2 Project Trends
2.3 Industry issues
2.4 Market snapshots
3. Construction Finance
3.1 Overview
3.2 Bahrain
3.3 Kuwait
3.4 Oman
3.5 Qatar
3.6 Saudi Arabia
3.7 UAE
4. Bahrain
4.1 Impact of COVID-19 on Bahrain construction market
4.2 Overview of Bahrain construction
4.3 Project Trends
4.4 Vision 2030
4.5 Gulf Development Fund
4.6 Budget 2020
4.7 Key trends
4.8 Sector analysis
5. Kuwait
5.1 Impact of COVID-19 on Kuwait construction
5.2 Overview of Kuwait construction market
5.3 Project Trends
5.4 The Kuwait Masterplan
5.5 Budget 2020
5.6 Privatisation Programme
5.7 Sector analysis
6. Oman
6.1 Impact of COVID-19 on Oman construction market
6.2 Overview of Oman construction
6.2 Project trends
6.3 Vision 2020 and the ninth five-year plan
6.4 Budget 2020
6.5. Sector analysis
7. Qatar
7.1 The impact of Covid-19 on Qatar construction
7.2 Overview of Qatar construction
7.3 Project trends
7.4 Vision 2030
7.5 World Cup 2022
7.6 2020 Budget
7.7 Sector analysis
8. Saudi Arabia
8.1 Impact of Covid-19 on Saudi construction
8.2 overview of Saudi Arabia construction
8.3 Outlook for Saudi construction
8.4 Leading clients and contractors
8.5 Project trends
8.6 Vision 2030
8.7 Public Investment Fund
8.8 2020 Budget
8.9 Sector analysis
9. UAE
9.1 Covid-19 in the UAE
9.2 UAE construction industry faces deep challenges
9.3 Dubai
9.4 Abu Dhabi
9.5 Northern Emirates
Disclaimer

List Of Tables

Table 1: Biggest projects awarded in 2019
Table 2: Biggest projects completed in 2019
Table 3: Selected Construction Permits by Type
Table 4: Impaired loans in Bahraini banks, by type of bank and sector
Table 5: Credit to construction and real estate sectors in Kuwait
Table 6: Bank credit to the construction sector in Oman
Table 7: Credit to the construction and real estate sectors in Qatar
Table 8: Credit to the building & construction sector by Saudi banks
Table 9: UAE bank credit to the construction industry
Table 10: Bahrains largest construction and transport contract awards in 2019
Table 11: Most active construction and transport clients by value of contracts under execution
Table 12: Major contract awards scheduled for 2020
Table 13: Largest ongoing real estate projects
Table 14: Future Ministry of Housing projects
Table 15: Bahrain healthcare projects
Table 16: Bahrain major road projects
Table 17: Bahrain Rail projects
Table 18: Kuwait major contracts awarded in 2019
Table 19: Major projects due for award in 2020
Table 20: KAPPs construction projects
Table 21: Selected PAHW contract awards
Table 22: PAHW townships under execution/completed
Table 23: PAHW planned cities
Table 24: Kuwait University awarded projects
Table 25: Kuwait University projects yet to be awarded
Table 26: Main hospital projects under execution
Table 27: Planned hospital projects
Table 28: Value of road projects planned and underway
Table 29: Packages under the Southern Regional Road
Table 30: Packages under the North and East Regional Highway
Table 31: Ministry of Public Works main road projects underway
Table 32: Planned road projects
Table 33: Kuwait International Airport expansion projects
Table 34: Kuwait rail projects
Table 35: Kuwait National Rail Road packages
Table 36: Kuwait Metropolitan Rapid Transit project: Original plan
Table 37: Prequalifiers for Mubarak al-Kabeer package 3A
Table 38: Mubarak al-Kabeer seaport
Table 39: Planned KPA upgrades
Table 40: Major megaprojects under execution in Oman
Table 41: Largest construction and transport contracts awarded in 2019
Table 42: Major projects due for award in 2020
Table 43: Planned residential projects
Table 44: Major tourism-related projects underway
Table 45: Unawarded tourism-related projects
Table 46: Major mixed-use real estate projects planned or underway
Table 47: Major education projects planned or underway
Table 48: Hospital projects planned or underway
Table 49: Batinah Expressway awarded contracts
Table 50: Other major road contracts under execution
Table 51: Road projects in the pre-execution phase
Table 52: Airport projects planned and underway
Table 53: Oman National Railway Packages
Table 54: Oman port projects
Table 55: Largest construction and transport contract awards in 2019
Table 56: Largest megaprojects under execution in Qatar
Table 57: Selected major contracts under execution at Lusail City
Table 58: Major contracts due for award at Lusail City
Table 59: Contracts under execution at the Pearl-Qatar
Table 60: Contracts under execution on the Msheireb project
Table 61: Major real estate projects expected to be awarded in 2020
Table 62: Major hospitality projects underway in Qatar

List Of Figures

Figure 1: COVID-19 cases in the GCC region since March 2020
Figure 2: GCC construction and transport projects in execution ($bn), 20102019
Figure 3: Value of construction and transport projects awarded and completed ($bn), 20102019 .
Figure 4: Value of projects awarded and completed by country ($bn), 2019
Figure 5: Top 10 GCC contractors by value of work ($m)
Figure 6: GCC construction & transport awards by country, 201219 ($bn)
Figure 7: GCC total project awards by country and sector, 2019 ($bn)
Figure 8: Construction & Transport projects completed vs projects launched in 2019 by country ($bn)
Figure 9: Pipeline of planned unawarded projects by country, ($bn)
Figure 10: Pipeline of planned unawarded projects by status, ($bn) .
Figure 11: GCC construction & transport project activity monitor, 201019 ($bn)
Figure 12: GCC construction & transport cash flow, 201219 ($bn)
Figure 13: Bahrain construction & transport awards, 201219 ($bn)
Figure 14: Bahrain construction & transport cash flow, 201219 ($bn)
Figure 15: Bahrain construction & transport project activity monitor, 201019 ($bn)
Figure 16: Bahrain construction & transport market sustainability assessment
Figure 17: Kuwait construction & transport awards, 201219 ($bn)
Figure 18: Kuwait construction and transport cash flow, 201219 ($bn)
Figure 19: Kuwait construction and transport project activity monitor, 201019 ($bn)
Figure 20: Kuwait construction and transport market sustainability
Figure 21: Oman construction & transport awards, 201219 ($bn)
Figure 22: Oman construction & transport cash flow, 201219 ($bn)
Figure 23: Oman construction & transport project activity monitor, 201019 ($bn)
Figure 24: Oman construction & transport market sustainability assessment
Figure 25: Qatar construction & transport awards, 201219 ($bn)
Figure 26: Qatar construction & transport cash flow, 201219 ($bn)
Figure 27: Qatar construction & transport project activity monitor, 201019 ($bn)
Figure 28: Qatar construction & transport market sustainability assessment
Figure 29: Saudi Arabia construction & transport awards, 201219 ($bn)
Figure 30: Saudi Arabia construction & transport cash flow, 201219 ($bn)
Figure 31: Saudi Arabia construction & transport project activity monitor, 201019 ($bn)
Figure 32: Saudi Arabia construction & transport market sustainability assessment
Figure 33: UAE construction & transport awards, 201219 ($bn)
Figure 34: UAE construction & transport cash flow, 201219 ($bn)
Figure 35: UAE construction & transport project activity monitor, 201019 ($bn)
Figure 36: UAE construction & transport market sustainability assessment
Figure 37: Outstanding loans & advances to construction & real estate in Bahrain (BD m)
Figure 38: Bahrain construction and transport awards, 201019 ($m)
Figure 39: Main construction and transport contractors by value of contracts under construction ($m)
Figure 40: Bahrain planned rail networks
Figure 41: Kuwait construction and transport contracts awarded and completed by year ($bn)
Figure 42: Kuwait net gain or loss in awarded contracts compared to completed contracts ($bn)
Figure 43: Kuwait construction and transport awards, 2010-19 ($m)
Figure 44: Kuwait construction and transport awards 2010-19 by subsector
Figure 45: Most active clients by value of work underway ($m)
Figure 46: Most active contractors by value of work underway ($m)
Figure 47: Kuwait construction contract awards by sector ($m), 2010-19
Figure 48: Kuwait transport contract awards by sector ($m), 2010-19
Figure 49: The Third Kuwait Masterplan Review, 2005
Figure 50: Housing waiting list
Figure 51: Location of PAHWs new cities
Figure 52: Neighbourhoods in South Al-Mutlaa City
Figure 53: Sabah al-Salem University Campus masterplan, 2010
Figure 54: Kuwait International airport expansion
Figure 55: Kuwait city metro network
Figure 56: Oman contract awards in construction and transport, 201019 ($m)
Figure 57: Oman construction and transport contract awards by sector, 2019 ($m)
Figure 58: Biggest clients in Oman by contracts under execution ($m)
Figure 59: Biggest contractors in Oman by contracts under execution ($m)
Figure 60: Oman Railway
Figure 61: Qatar construction and transport contract awards, 201019 ($m)
Figure 62: Qatar construction and transport active projects market ($m)
Figure 63: Leading clients by value of work under execution ($m)

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