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Saudi Arabia - GCC projects market still on the rise in third quarter of 2012
Saudi Arabia remains the region’s fastest growing projects market, reporting a 27.7 per cent year-on-year growth Completed projects by year-end eligible to compete for the 2013 MEED Quality Awards for Projects, in association with Ernst & Young Jeddah, Kingdom of Saudi Arabia; 20 October 2012 – The GCC projects market index rose by 0.2 percent to $2.49 trillion as of the third quarter of 2012.

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, Saudi Arabia remains the region’s fastest growing projects market, reporting a 27.7 per cent year-on-year growth.

“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 recognise quality projects and acknowledge their merits - to create a standard of projects that needs to be lived up to. Once you recognise 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 recognise project excellence across several categories.

The MEED Quality Awards for Projects, in association with Ernst & Young, is the only awards programme in the GCC to recognise completed projects and evaluates the outcome of the construction process, rather than the process itself. Now in its third year, the awards programme is judged by an independent jury panel consisting of respected authorities in the projects industry who will determine the winners at the national and regional level of the competition.

Source:MEED

Dec 2012

 

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