While Gulf governments have been quick to allocate sizable monies for development and improvement of infrastructure, the projects pipeline has not flowed as quickly.
July 28, 2011
28 July 2011
Gulfs states awarded much fewer projects in the second quarter as the initial euphoria of economic stimulus gave way to the cold hard reality of tough lending conditions, market lethargy and planning delays.
While Gulf governments have been quick to allocate sizeable monies for development and improvement of infrastructure, the projects pipeline has not flown as quickly.
This was partially expected given that it takes time to develop project scopes and bids and bring together various project players, especially for large projects.
Projects awarded in the second quarter of the year fell by 43.3% to hit $22.2-billion, according to EFG-Hermes, with Saudi Arabia and Qatar leading the way.
