Construction Industry Update 2016
The construction industry in the GCC is expected to reach a record high of $126 billion in 2016. This will amount to growing at a CAGR of 11%, as projected by Alpen Capital.
Preparation for mega-events such as Dubai’s World Expo 2020 and the 2022 FIFA World Cup Qatar are major driving forces in the region’s growth. The construction industry is further fueled by favorable macroeconomics, positive demographics, and increasing tourism activities.
Let’s take a look at some of the major construction projects currently underway (some are near completion) across the region:
United Arab Emirates
This is a mixed used development project that will offer provide residential and retail space along Al Wasl Road.
Being built in Dubai Marina, this project is in partnership with world renowned crystal producer, Swarovski. This luxurious resort-styled residential development will include “crystal-themed innovations” such as sparkling lighting solutions and crystal interiors. Sparkle Towers will consist of two towers that will be connected by a residential podium.
The Pointe Mall
This project, under development by Nakheel, is situated at the tip of Palm Jumeirah. When finished, it will be a retail and entertainment complex featuring approximately 200 retail outlets as well as a wide spectrum of dining and leisure facilities.
Dubai Canal Project
Construction is under way to create a canal and accompanying retail that will span from Downtown Dubai to Jumeirah. Bridges along Al Wasl Road are another feature to accompany the canal, which is being excavated along Safa Park. This project is estimated to be completed by mid-2016.
The opera house will be the crowning jewel of The Opera District, in Downtown Dubai. Once completed, it will be a 2,000-seat theatre. Other prominent features include a museum of modern art, two art hotels, galleries, and design studios.
Muscat International Airport
The airport, home base to Oman Air, will replace its passenger terminal- due to be completed sometime within the next year. The new terminal will have a capacity of 12 million passengers annually. The project is estimated to cost $1,826 million
Janayen Al Hamala Housing Development
The housing development will add approximately one thousand affordable units in the Al Hamala area. This housing will target low and mid-income Bahrainis.
King Abdullah Economic City, Rabigh
Located off the Red Sea north of Jeddah, the project is valued at $27 billion. It will include a port and logistics hub, financial center, light industry, and a sea resort. The finished project will create an estimated one million jobs, as well as provide living quarters for two million people.
The Knowledge Economic City, Medina
This $7 billion project will include an education-entertainment Islamic theme park, shopping center, hotels and public transport. The master ambition of the project is to position Saudi entrepreneurs as leaders in knowledge-based industries, and to attract and groom talent from around the globe.
King Abdulaziz International Airport
This in the main airport hub for the west of the Kingdom, near Jeddah. The three-stage development began in 2006 with the aim of catering for 30m Muslim pilgrims bound for the Holy Cities. Phase 1 will include the creation of the terminal complex, control tower, access roads and utilities; this will cost an estimated $1.5 billion. Phase 2 and 3 will take the airport through to 2035, when it will be able to cater to 85 million people annually.
The $7billion rail line is an integral part of the GCC’s connected rail network. I will connect the Red Sea to the Gulf. Italferr has been awarded a $37m contract by the Saudi Railways Company (SAR) to design the Landbridge – a 950km line between Riyadh and Jeddah, along with a second 115km line between Dammam and Jubail.
Saudi Arabia’s sprawling and congested capital is set to complete its $22.5 billion metro system within the next four years. With 176km of line and 80 stations, this is the biggest project of its type in the world.
The Kingdom Tower, Jeddah
This will be the world’s tallest building at more than 1km high once complete in 2019. The Kingdom Tower, is being developed by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company. Estimated costs for this project are $1.23 billion.
FIFA World Cup
With the need to build many stadiums for the FIFA World Cup, an additional 60,000 hotel rooms, upgrade transport and other facilities, Qatar will be a busy country in the construction industry not just for 2016, but for the foreseeable future.
An estimated 500,000 to 1 million foreign workers are likely to be called upon during the construction development, which will likely last all the way until 2022.
With many transport projects nearing completion, one of the main areas that Qatar are yet to finish is the building of the stadiums the games will be played in.
Construction on many of the projects that were part of the World Cup begun in 2014, with continued progress on many of the stadiums and other infrastructure upgrades.
One of these stadiums, the Lusail Stadium, will be the venue for the FIFA World Cup final. It has just begun construction in late 2015. When finished, it will hold a capacity of around 80,000 spectators. It is the sixth stadium that has begun its construction or refurbishment. Other venues include: Al Wakrah, Al Khor, Khalifa Stadium in Al Waab, Education City and Al Rayyan, to the west of Doha.
Doha Festival City Mall
This is second phase of Doha Festival City’s development. The mall will feature over 550 stores, 85 restaurants and dining facilities, car showrooms, a hotel, and a convention center. It will even include its own snow park.
Are There Jobs Available?
At the time of publication, there were over 5,000 advertised vacancies for construction professionals across the entire Gulf region.
The most in demand position for expat professionals was project managers. This is followed closely by construction managers. Such positions required a high amount of experience, asking for a minimum of 6-10 years. However, a significant proportion of advertised vacancies only required 2-5 years experience.
There are certainly positions available in the coming year for those experts in the construction industry. To take advantage of these opportunities, it is only a matter of getting your CV in the right place.
If you would like assistance doing that, then upload your CV below and be appointed your very own personal job hunt manager, who will help ensure your CV gets under the nose of the right hiring managers and headhunters who have vacancies they need to fill!