construction
october 2014
REGIONALREPORT
Global showpieces
Stadium, which is a new development north of Doha that has
yet to be constructed.
Sustainable?
While there have beenplenty of signs indicatingmarketswithin
the region are recovering, questions have been raised as to
whether there is the capacity in the region to deliver them on
time and on budget
Anthony Holmes, economic analyst and director of the UK’s
Institute for InfrastructureStudies,warned that the considerable
range of mega projects’ in the GCC planned by 2030 were at
risk of running into financial overspend.
He said, “Thechancesof therebeingproblemswith the region’s
megaproject programme are enormous. Elsewhere in theworld,
these projects tend to go 40-80% over budget. International
experience has also shown that big projects don’t get delivered
on time.”
“What’s happening in the Middle East region to suggest the
outcome will be different?There is nothing. It is all being done
in the sameway.
“This couldmean that the project programme inQatar alone
is going to cost at leastUS$ 80 billionmore than budgeted.”
"What is clear is that there’s an enormous concentration of
plannedproject activity in the region,” explained the economist,
who did not believe there had been sufficient planning into the
raw volume ofmaterials required for such an extensive building
programmewithin the region.
While he believed some of the most affluent nations in the
region – Saudi Arabia and the UAE may not require finance
from outside the GCC, in his opinion, nations including
Egypt andOmanmay be in a positionwhere external financial
assistance was necessary to deliver the levels of infrastructure
improvements being projected.
iC
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