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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Aramco, DHL to build procurement and logistics hub for the energy sector

      Aramco, DHL to build procurement and logistics hub for the energy sector

      Second runway of Muscat airport to be ready this year

      Second runway of Muscat airport to be ready this year

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      UAE-Oman rail network expected to bring about new era of collaboration and growth

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Qatar’s economic growth is strong: ICAEW

      Qatar’s economic growth is strong: ICAEW

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

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      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      Construction works of Egypt’s first eco-sustainable industrial complex kick off

      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

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        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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        • Agrofood
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          • Agriculture
          • Environment
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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Aramco, DHL to build procurement and logistics hub for the energy sector

            Aramco, DHL to build procurement and logistics hub for the energy sector

            Second runway of Muscat airport to be ready this year

            Second runway of Muscat airport to be ready this year

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Qatar’s economic growth is strong: ICAEW

            Qatar’s economic growth is strong: ICAEW

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Trending Tags

            • Energy
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              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Trending Tags

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Iran’s construction market expected to continue steady growth

              Construction Week

              October 19, 2016
              in Infrastructure
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              Despite the challenges surrounding the drop in global oil prices and the Iranian government experiencing problems in financial cash flow due to years of sanctions, Iran’s construction market is expected to continue a relatively steady growth at a compound annual growth rate (CAGR) of 6.1% from 2016 to 2020. Combined with a population of nearly 80 million inhabitants, and 64% under the age of 35, the country has the ingredients to become a major player in the global construction market.

              The total construction market size in Iran is forecast to close at $154bn at the end of 2016, and expected to reach $196bn by 2020. The lifting of the sanctions in January this year have improved investor and consumer confidence over the past nine months, as many are optimistic that additional funds will pour into construction projects.

              The construction growth has been primarily driven by the residential segment, accounting for 45% of Iran’s market, due to a severe shortage of housing stock. The demand stands at 1.5 million housing units per year, and the current market is only able to supply 700,000 units. In 2009 alone, it was estimated that 750,000 additional units were needed each year, solely to cater to Iran’s young couples embarking on married life.

              Iran is expected to see growth not only from new housing development, but in renovations of existing buildings as well. In addition to upgrading old buildings for general safety and upkeep, many buildings across Iran require reinforcement and renovation in case of earthquakes. The government has announced plans to provide 1.8 million loans over a period of six years, from 2014 to 2020, ranging between $7,500 and $18,700, to help pay for renovation and upgrade projects.

              Despite a 3% CAGR in the construction market for overall growth between 2013 and 2015, according to the Central Bank of Iran (CBI), it should be noted that Iran experienced a 32% decline in the number of construction permits issued within urban areas in fiscal year 2014-15, compared to 2013-14. With the lifting of sanctions earlier this year, and foreign direct investment (FDI) inflows expected to increase, this trend is expected to turn around.

              With infrastructure playing a critical role in Iran’s plans to attract FDI into the country, the government has prioritised infrastructure development in its strategic plans. The government is planning to nearly double the size of the country’s 13,000km railway network to cover 25,000km by 2025.

              The country has also announced a number of construction projects for the development of dams, tunnels and various industrial projects. In 2014, 475 tenders, worth $88.3bn, were awarded in Iran. Projects included the construction of 745km of freeways, 5,626km of highways, and 2,970km of main roads across the country.

              Much has changed in Iran over the past five years, after the country was cut-off from the international financial system and global markets. Iran today has the ability to manufacture many of the construction materials, products, and machinery it was unable to produce a decade ago, and many of these industries have grown into sustainable local economies for the country.

              Despite Iran’s impressive domestic manufacturing capabilities, there are still many finished products and solutions where there is great demand. In addition, sanctions have made the cost of construction materials high compared to other markets in the region – providing new players with opportunities to win market share with the right pricing strategy.

              All in all, the construction sector is set for growth. The government needs to develop its infrastructure further in order to draw in the FDI it so desperately needs. In a region where low oil prices have hit the construction sector hard, new growth opportunities are always welcome.

              Erika Masako Welch – Middle East business development director at Solidiance.
              Construction Week
              19 October

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