GCC region will see $180bn worth of new projects this year - infrabuddy.com

GCC region will see $180bn worth of new projects this year

Contracts worth $180 bn will be awarded all over the Gulf States this year,

Despite fall of oil prices from $115 in June to $83 this week; and if current prices sustain for a longer period; some of the projects spend would be held back due to, revenues of the Gulf region will be hampered and governments could decide to cut back on projects.

As of now there are no such signs are threatening Gulf Cooperation Council (GCC), of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

In 2008 GCC had projects awarded worth $200 bn, which was the highest figure.

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