MENA Projects Outlook 2019 - An Illustrated Overview
That the cutbacks in spending came as many countries were unveiling ambitious national visions was not helpful. The mixed messages have eroded confidence in the outlook for projects leading many to downsize or even leave the region at a time when investment is needed to develop skills and to improve productivity. Better clarity about project spending plans is required.
While the region is home to some of the most exciting project markets in the world, the 2014-16 slump in oil prices has created deep uncertainty about the outlook for projects
Contract awards across the region have fallen to about $168bn a year since 2016, compared to $202bn a year from 2008-15. The outlook is for awards to remain at low levels in 2019 and 2020
The need for new jobs, better infrastructure and economic diversification is greater than ever. And as home to the world’s wealthiest countries, the financial muscle is available.
A new approach to projects is being sought. Governments want greater economic sustainability and are seeking innovative ways to improve efficiency and reduce the need for capacity expansions. Reducing carbon emissions is a priority. Private developers are expected to take a larger share of the capital burden through public-private partnerships, as well as through the privatisations.
To stay on track with the active and upcoming projects across the MENA and Central Asia and plan your business strategies accordingly, please visit MEED Projects to learn about our market-leading project tracking platform and tools.