About $32bn worth of large-scale urban construction projects are now being tendered in the Middle East, according to the Arab-Brazilian Chamber of Commerce (ABCC).
A report by the BNC Network revealed that a total of 801 urban construction projects with a combined value of $32bn are currently being tendered in the region. The report also forecasts that the value of regional construction contracts will hit the $50.9bn mark by the end of 2017.
In this regard, the ABCC continues to see the GCC as a promising market for Brazilian businessmen, with the UAE remaining the region’s construction industry hub due to substantial contract wins in the last year.
Dr. Michel Alaby, Secretary-General and CEO, ABCC, said: "The year 2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country, which will pave the way for more avenues to further flourish the relations between the Gulf countries and Brazil.”
BNC expects the total contract value to expand by 29% to nearly $65.6bn in 2018, and by 1% to $66bn in 2019.
“We are closely coordinating with our partners to see how we can further facilitate the flow of information and knowledge between interested parties to maximize new prospects in the rapidly increasing construction activities in the region," added Alaby.