• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Gbaf News

    Posted on May 14, 2013

    Featured image for article about Top Stories

    – Deloitte’s Challenges of delivering mega projects and country by country analysis in Deloitte GCC Powers of Construction Report

    With 2013 forecasted to be a year of optimism and opportunity for construction in the Middle East, all eyes are back on governments in the region and how they propose to manage their spending, according to Deloitte Middle East’s newly released annual report on the sector: “GCC Powers of Construction: Meeting the challenges of delivering mega projects”.

    In a region where there is an acute deficit in terms of infrastructure, the ingredients for capital projects could not be better, says the new Deloitte report, the fourth publication in its series and the only one of its kind amongst the Financial Services industry in the Middle East. The I&CP (Infrastructure & Capital Projects) market is growing rapidly with governments announcing projects across the Middle East region, utilizing trillions of petro-dollars over the coming years.

    However, regional economies are facing different priorities from political stability to economic sustainability. Their treasury functions are under increasing pressure to save costs and increase revenue, whilst at the same time pushing an infrastructure agenda that doesn’t necessarily ‘pay back’. With everyone focused on the spending, it is now more relevant than before to balance the focus on costs, as per the Deloitte Report.

    “With significant investment in major infrastructure programs increasing over the coming years across the GCC, contractors, consultants and clients alike need to rethink the way they engage each other if they are to truly realize the benefits each can bring to the process,” says Cynthia Corby, audit partner and leader of the Construction industry for the Middle East.

    According to the Deloitte report, clients’ increasing need for transparency, predictability and sustainability of what they spend provides contractors with an opportunity to reflect on how they can meet this by better operational performance, improved procurement, schedule management and cost reporting, says the report.

    “By leveraging best in class internal controls, contractors too can deliver ‘more for less’ whilst still retaining existing or improved profitability,” says Andrew Jeffrey, director, Corporate Finance, Deloitte Middle East. “Additionally by engaging more intelligently with clients, contractors should look at more innovative ways of sharing savings, risks and opportunities to the benefit of all,” he added.

    The Deloitte GCC Powers of Construction Report is produced based on data gathered from surveys and data, supported by interviews with some of the most prominent industry leaders from the region.
    In addition to articles and interviews examining key industry trends, the Deloitte GCC Powers of Construction report includes a country by country analysis of statistics, key projects, and a SWOT analysis. Highlights of this section include:

    UAE
    In terms of contract awards, the UAE replaced KSA as the GCC’s largest construction market in 2012 with USD 16.2bn, 4 per cent more than the USD 15.6bn of contracts awarded in Saudi Arabia. This is the first time since 2008 that KSA has not recorded the largest value of construction awards in the region.

    Saudi Arabia
    The largest construction deal awarded in Saudi Arabia in 2012 was the deal awarded to expand the Masjid al-Haram in Medina. This will increase the capacity of the mosque from 600,000 to 1 million worshippers at an estimated cost of USD 1.5bn.

    Qatar
    Qatar was the third most active GCC construction market in 2012, with USD 10.4bn worth of contracts awarded. Transport infrastructure dominated Qatar’s construction sector, with four of the five biggest contracts awarded for major transport projects. Hosting the FIFA 2022 World Cup should yield considerable contracts across the construction and infrastructure sectors. Ahead of the 2022 FIFA World Cup, and in line with the country’s 2030 Vision, Qatar’s infrastructure spend is expected to reach US$150bn. The 2013 Powers of Construction report includes an interview with engineer Yasir Al Jamal, Technical Director Qatar 2022 Supreme Committee, on the progress made to date, plans for the future and what the world can expect from Qatar 2022.

    Kuwait
    Kuwait was the fourth most active construction market in 2012, with USD 8bn worth of deals awarded. The largest of these was the long-awaited USD 2.6bn deal to build the Subiya Causeway, which had been in the pipeline for almost a decade. Transport construction accounts for 76% of total construction spend in the country.

    The report further assesses other markets in the GCC, looking at challenges and opportunities for each. Issued annually, it serves as a comprehensive review of the construction industry for leaders. To read the full report, visit http://bit.ly/163aZOD.

     

     

     

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe