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Report Summary COVID19 – Flash Series – Country Wise Track of Forthcoming Energy & Infrastructure Projects in Middle East
Upcoming EPC, Retrofitting, Modernization & Expansion Projects Monitor in ME 2020
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COVID-19 Affect: Reopening begins, but economic shockwaves persist in the Middle East
The COVID-19 pandemic has brought the economy of the Middle East (ME) to a standstill as trade has been hit hard by the outbreak due to factory closures, disrupted supply chains, and lower demand. Moreover, the region has been struggling to attract more and better FDI, constrained by climate weaknesses and regional geopolitical tensions. Global FDI flows will take a hit by at least 30% in 2020 compared to 2019 before returning to pre-crisis levels by the end of 2021. However, Most middle east economies took immediate investment policy responses to address the crisis. The recovery will depend on sustaining existing reforms, enacting targeted new strategies and measures to complete the awarded projects within the schedule to avoid the cost over-run.
Additionally, UAE and Saudi Arabia are leading the way when it comes to attracting inbound investment. The UAE is already seeing a return on its investment as it modernizes its legislative and regulatory system to develop new EPC projects. The government sets out its ambition to increase non-oil government revenue from USD 45 billion to USD 250 billion by 2030. As of FY 2019-20, new EPC, modernization & up-gradation projects worth more than USD 400 Brillion are in the pre-execution stage in Saudi Arabia making the country the main contributor to growth in construction activity for upcoming years.
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