Posted on: Wednesday 24 October, 2012 6:12
|Saudi Arabia remains fastest Gulf growing projects market
The GCC projects market index rose by 0.2 percent to $2.49 trillion as of the third quarter of 2012, driven by strong growth in the UAE and Kuwait projects market.
"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 recognize quality projects and acknowledge their merits - to create a standard of projects that needs to be lived up to.
Once you recognize 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 recognize project excellence across several categories.
The MEED Quality Awards for Projects, in association with Ernst & Young, is the only awards program in the GCC to recognize completed projects and evaluates the outcome of the construction process, rather than the process itself. Now in its third year, the awards program is judged by an independent panel consisting of respected authorities in the projects industry who will determine the winners at the national and regional level of the competition.
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 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.
Elsewhere in the region, Kuwait recorded the region's biggest rise in the value of its projects sector, increasing 1.4 percent to $185.9 billion.
Oman continues its growth trend, with the value of its projects sector rising 12 percent compared with the same period in 2011; while Saudi Arabia, Bahrain and Qatar remained relatively steady. Overall, the Gulf Projects Index is up 5 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, recognizing 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," he added.
The UAE led the region with four awards at last year's edition of the MEED Quality Awards for Projects, in association with Ernst & Young, including Industrial Project of the Year for Emirates Aluminum Smelter Complex (nominated by SNC-Lavalin International), Transport Project of the Year for the Road and Transport Authority's Dubai Metro Green Line, Social Project of the Year for Abu Dhabi Tourism Development & Investment Company's Saadiyat Construction Village (nominated by HLG Leighton Contracting), and the Emirates Steel Building Project of the Year for Damac's Ocean Heights (nominated by Arabtec Construction LLC).
Projects completed between January 2011 and December 2012 are eligible to compete in the awards program. Submissions for the 2013 awards program are now being sought in the following categories: Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year and Sustainable Project of the Year.
The deadline for submission of projects has been set on Jan. 31, 2013. Winners will be announced in May 2013.