ECONOMICOUTLOOK
18
Investment growth
international
construction
october 2014
take advantage of land availability and avoid the
high cost of building up. Spreading development
over a wider area also reduces infrastructure
density. Total construction growth is expected
to average +4.6% over the next five years, but
infrastructure growthwill be below average.
Indeed, it is instructive to view the composition
of construction growth across different sectors, as
illustrated in the second graph.
due to improving economics, but also due to
demographics – theMiddle East has some of the
strongest household formation rates in theworld.
Overall, Middle Eastern construction markets
look stable and are at a relatively strong level of
growth.
Several years of flat energyprices limit the uplift
potential, but prices are high enough to combine
with improving global economic conditions to
create lift, particularly in countries with plans for
diversification.
iC
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Across much of the region, non-residential
structuresareresurgentaseconomiesrecover(retail
space), witness an upturn in tourism (hotels) and
diversification from energydependence continues
(office and industrial buildings).
Quality of life
The need to improve quality of life in some
countries also boosts institutional spending on
health care and education.
Residential construction also looks good, partly
Construction output by sector
UAE
Residential
Nonresidential structures
Infrastructure
Iran
Jordan
Oman
Bahrain
Israel
Kuwait
Qatar Saudi Arabia
10%
8%
6%
4%
2%
0%
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