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Friday, April 28, 2017
The total value of 1,381 active transport projects in the GCC region rose 1% in a month to Dh1.39 trillion (US$379.7 billion) in February, according to a report. In terms of value, the rail sector had lion's share of US$190.4 billion (about 50%), followed by road construction with US$121.4 billion (nearly 32%). The aviation sector too is active with over a 100 ongoing projects worth over US$41 billion while the marine project value reached US$26.5 billion, stated BNC Networks, a leading project research and intelligence provider in the region.However, sector wise, the road construction sector dominated the project scenario with 1,028 projects (about 74.43%) of the total 1,381 active transport projects, it added. "These facts reflect the strong focus by the governments of the six oil-rich regional countries on improving physical connectivity that is crucial for cross-border movement of goods and services as well as economic integration of the region to become a stronger economic block," remarked Avin Gidwani, the chief executive of BNC Networks."Improved and efficient transport network will become vital for cross-border tourism and people-to-people engagement as the region's governments push economic development to the next level," he noted. According to him, the transport sector constitutes 7% of the number of all active projects in the GCC.However, in terms of value, transport projects account for 17% of the total estimated value for all projects in the region, he stated. Of these, 592 projects (nearly 43% of the projects) with an estimated value of around US$128 billion are under construction in the UAE, said Gidwani.Some notable multi-billion dollar transport projects under construction include Riyadh Metro project in Saudi Arabia, expansion project of Kuwait International Airport (KIA) and Midfield Terminal Complex (MTC) in the UAE. Seven transport projects with a combined value of around US$890 million had been awarded in February, stated the BNC report.The largest transport to be awarded in February was the new liquid berths terminal project at Duqm port worth US$510 million (Dh1.87 billion) in Oman. Twelve other transport projects with a combined value of US$380 million were completed last month, it added.
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