MIDDLE EAST AND NORTH AFRICA LEADS GLOBAL CONSTRUCTION GROWTH

Fri 09 August 2024:

The Middle East and North Africa (MENA) region emerged as the top performer in GlobalData’s Construction Project Momentum Index (CPMI) for June 2024, scoring 1.07. This marks a two per cent increase from May, continuing MENA’s trend of leading the world in construction momentum this year.

MEED, citing GlobalData’s report, highlighted varied progress across MENA countries. Iran’s CPMI score rose significantly to 0.83, while Oman, Qatar and Egypt showed steady improvements, with Egypt reaching 1.17. Saudi Arabia and the UAE maintained robust scores above 1.00, though Algeria and Kuwait experienced slight declines.

Sub-Saharan Africa followed MENA, achieving a 20 per cent increase to 0.94. North America also saw a significant rise, up 16 per cent to 0.82. Western and Eastern Europe recorded CPMI scores of 0.80 (up seven per cent) and 0.77 (up 32 per cent), respectively.

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In contrast, North East Asia’s score fell sharply by 30 per cent to 0.56. China and South Asia also saw decreases, with their scores dropping to 0.75 and 0.76. Australasia’s CPMI decreased by 23 per cent to 0.69. Meanwhile, South East Asia experienced a slight decline of two per cent to 0.60.

Despite previous low scores, Latin America saw a substantial 69 per cent increase, reaching 0.45 in June 2024. Overall, the global CPMI rose to 0.79 in June, up from 0.77 in May, indicating continued growth in the construction sector.

According to a report in March, Saudi Arabia and the UAE are leading the way in the MENA construction sector. Saudi Arabia is projected to grow by four per cent this year, with the UAE following closely at three per cent. Additionally, a May report by JLL revealed that Saudi Arabia and the UAE jointly account for over $2 trillion worth of unawarded construction projects in the MENA region.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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