Middle East Property and Construction Handbook
2024
Amidst the challenges faced by the global economy in 2023, the Middle East and North Africa (MENA) region, specifically the Gulf Cooperation Council (GCC), has continued to remain optimistic as diversification plans continue to thrive.
While the recovery remains positive, sustained geopolitical uncertainty, soaring inflation, high interest rates, tightening monetary policy, ongoing conflicts, oil price volatility and disruptions to supply chains all continue to pose significant threats to the construction industry in 2024.
This edition of AECOM’s Middle East Property & Construction Handbook assesses trends and new opportunities that presented themselves during 2023. The handbook also reviews the impacts and threats experienced over the last 12 months on local, regional and international markets.
Economic round-up
Within our detailed economic round-up, we discuss the global and MENA regions’ current economic and construction performance and present the upcoming challenges and expected future opportunities.
Articles
We have carefully selected articles, written by AECOM specialists, that focus on prevailing themes within the property and construction market. These articles aim to provoke thought in relation to the growing opportunities within the Middle East. Our first article, ‘Navigating location cost pressures on KSA giga projects’, delves into the key factors associated with project location on capital expenditure. In our second article, ‘Balancing the cost of infrastructure - masterplan cost estimation’, we look at the masterplanning cost estimation process and its key considerations and in ‘Luxury residential market analysis and outlook’, we explore the cost of building luxury residential towers and the current trends in the market.
We're delivering a better world
We delve into the recent chapter of AECOM’s sustainable and digital transformation journey by showcasing how our focus on innovative and transformative solutions are being employed to improve outcomes for our clients and communities.
As with previous years, we include as a point of reference a synopsis of typical regional procurement routes, forms of contract and building regulation compliance across the Middle East. The reference data section provides averaged international and regional cost data within the built environment. This data acts as an indicative high-level guide and comparison of building asset costs and should be used circumspectly.
Like the nature of any project, its interpretation is dependent upon several project specific factors and assumptions. For specific current and benchmarked cost data, please reach out to AECOM’s Program Cost Consulting team to assist you in obtaining relevant and specific costs for projects.
Please download the full report to access the reference data.
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As always, we continue to seek your feedback to support our drive for improvement. Please get in touch