Gulf construction contracts reached a total of US $142.4 billion last year, with the fourth quarter (Q4) the most buoyant, reported Emirates Business. This was an increase of 11.4% on 2008 figures. In fact, Q4 recorded the highest value of contract projects awarded in 2009, totalling $61.6 billion; a 63% increase on quarter three figures.
The months of December and July witnessed the largest single-month construction contracts awarded in terms of value. Up to $45.8 billion worth were awarded in December, while July contracts were at $24 billion, according to the GCC Cement Sector Quarterly report released by Global Investment House.
However, Q3 witnessed the highest increase in construction awards, increasing by 209% to reach $37.7 billion. The average contracts awarded in 2009 were $11.8 billion compared to $10.6 billion in 2008.
