By Abdul Basit
Qatar ranked second with more than $106 billion worth of projects with significant investment in oil and gas, heavy industry, electricity generation and water desalination, social infrastructure and transportation links.
The huge amount shows the region has recorded the largest construction work per capita in the world and industry stakeholders are setting up initiatives to ensure these new projects are completed to the highest standards of quality."The projects completed and now under way in the six countries that make up the GCC have special significance. To an extent unmatched anywhere else on earth, the projects industry is placing its future in the hands of the regional and global projects industry," said Edmund O'Sullivan, chairman of the judging panel of the MEED Quality Awards for Projects, an independent award recognition programme established in 2011 to recognise project excellence across several categories.
According to a comprehensive and up-to-date tracking system of projects that are either under way or planned throughout the region, the UAE's projects industry was valued $581 billion as at January 2012. However, new projects in February are expected to boost the total value of projects to $636 billion, according to MEED Projects.
With the massive size and complexity of projects in the UAE, and the impact that they have on diversifying its economy, effective and efficient execution of both planned and ongoing projects will be critical to the country's success.
The MEED Quality Awards for Projects is the only awards programme in the GCC to recognise completed projects and it evaluates the outcome of the construction process, rather than the process itself. Now in its second year, the MEED Quality Awards for Projects is judged by an independent judging panel consisting of respected representatives from the projects industry who will determine the winners at the national and regional level of the competition.
The 2011 award winners included the UAE's Burj Khalifa; Kuwait's National Library; and Qatar's Mesaieed A, an independent power project.
© Khaleej Times 2012
The UAE ranked top among GCC countries with its lion's share of $636 billion construction projects while the region has more than $1 trillion worth of major projects to be completed by 2020.