The total value of construction contracts in the GCC region for 2015 could exceed $194 billion, according to a report titled GCC Construction Industry - Trends and Challenges 2015. Although the total value for 2015 is $2 billion lower than last year, lower oil prices will mean lower costs for construction materials and transportation, which will reduce the value of contracts. The report indicates that the value of construction contracts in the GCC will continue to increase despite a slight decline in public contract awards for 2015.

<“Much has been said about the impact of oil prices on the construction market,” said Andy White, vice president of DMG events Middle East, a company responsible for the construction of five major international buildings. But every GCC country continues to invest heavily in infrastructure, housing and healthcare.“

<”Kuwait has more than tripled its contract awards this year compared to last year, and the Saudi government has made it clear that it will continue to invest, in addition to the major projects unveiled by the UAE. The GCC General Secretariat has also announced that the GCC rail network is on track to meet the 2018 deadline for completion of the project.“

<According to a report published by Ventures Onsite, ”Major projects in Dubai are the main focus for suppliers in the region from around the world. Major infrastructure projects in Saudi Arabia and the UAE will continue to drive diversification in the real estate market, but what we have also seen is large-scale investment in Oman, Kuwait, Qatar and Bahrain.“

<”The global construction equipment market is expected to reach $241 billion by 2020, and market growth in the Middle East is a major part of that figure," said Nathan Wu, Exhibitions Portfolio Manager for DMG events.