MEED Insights: GCC Projects Outlook Report 2018

Table of Contents
1 Preface 5
2 ExecutiveSummary 7
3 MacroeconomicContext 9
4 The Historical Context 19
5 Top Clients and Contractors 37
6 2017 in Review 44
7 FutureOutlook 54

List of Figures
Figure 1: USaverage annual crude oil prices 1971-2017 10
Figure 2: Cushing, OK WTI spotprice FOB, 2016-17 11
Figure 3: WorldBank and IMF oil price forecasts 12
Figure 4: GCC fiscal breakeven oil price 13
Figure 5: GCC government revenues 14
Figure 6: GCC nominalGDP 15
Figure 7: GCC government expenditure 16
Figure 8: GCC government lending/borrowing 17
Figure 9: GCC total contract awards, 2007-17 20
Figure 10: Number and average sizeof contracts 21
Figure 11: GCC contract awards vs. the oil price 22
Figure 12: GCC contract awards, 2012-17 23
Figure 13: Number andaverage size of GCC contracts by country, 2012-17 24
Figure 14: Contract awards by sector, 2012-17 25
Figure 15: Number and average value of contracts by sector, 2012-17 26
Figure 16: GCC countryand sector contract awards, 2012-17 27
Figure 17: GCC contracts by selected region, 2012-17 28
Figure 18: GCC civil construction sector contractsbreakdown, 2012-17 29
Figure 19: GCC utilities sector contract awards breakdown, 2012-17 30
Figure 20: GCC hydrocarbons contractawards by subsector, 2012-17 31
Figure 21: GCC contract awards by ownership type,2012-17 32
Figure 22: GCC contract awards by ownership typeand country, 2012-17 32
Figure 23: Value of GCCPPP projects awarded, 2012-17 33
Figure 24: Value of GCC PPP projects by sector, 2012-17 33
Figure 25: Number of build and design/build civil constructioncontracts, 2008-17 34
Figure 26: Actual GCC contract awards by quarter as a percentage of those planned to be awarded 35
Figure 27: Top awarded projects 2012-17 36
Figure 28: Top GCCcivil contractors by value of work under execution 38
Figure 29: Top GCC utilities contractors by value of work under execution 39
Figure 30: Top GCC hydrocarbons contractors by value of work under execution 40
Figure 31: Top GCC civil construction clients bywork under execution 41
Figure 32: Top GCC utilitiesclients bywork under execution 42
Figure 33: Top GCC hydrocarbonsclients bywork under execution 43
Figure 34: GCC contractawards 2016 vs. 2017 45
Figure 35: Value of GCC contract awards,2017 46
Figure 36: 2017 first half vs. 2017 second half comparison of GCC contract awards 48
Figure 37: Comparison of GCC awards by sector 2016-17 49
Figure 38: GCC contract cashflow values, 2008-20 50
Figure 39: GCC contractawards by selected urban area, 2017 51
Figure 40: Top awarded Dubai 2017 projects 55
Figure 41: Top awarded GCC projects2018 YTD 57
Figure 42: Selected new GCCprojects announced in 2018 58
Figure 43: Bahrain contract award forecast, 2018-22 60
Figure 44: Selected top Bahrain projects scheduled for award, 2018 61
Figure 45: Bahrain future project pipeline breakdown by sector 62
Figure 46: Kuwait contract award forecast, 2018-22 63
Figure 47: Selected top Kuwait projects scheduled for award, 2018 64
Figure 48: Kuwait future project pipeline breakdown by sector 65
Figure 49: Oman contract award forecast, 2018-22 66
Figure 50: Selected top Oman projects scheduled for award, 2018 67
Figure 51: Oman future project pipeline breakdown by sector 68
Figure 52: Qatar contract award forecast, 2018-22 69
Figure 53: Selected top Qatar projects scheduled for award, 2018 70
Figure 54: Qatar future project pipeline breakdown by sector 71
Figure 55: Saudi Arabia contract award forecast, 2018-22 72
Figure 56: Selected top Saudi Arabia projects scheduled for award, 2018 73
Figure 57: Saudi Arabia future project pipeline breakdown by sector 74
Figure 58: UAE contract award forecast, 2018-22 75
Figure 59: Selected top UAE projects scheduled for award, 2018 76
Figure 60: UAE future project pipeline breakdown by sector 77
Figure 61: GCC contract award forecast, 2018-22 78
Figure 62: Value of known planned and un-awarded GCC projects by country 79
Figure 63: Value of known planned and un-awarded GCC projects by sector 80
Figure 64: FutureGCC construction projects sector breakdown by subsector 81
Figure 65: FutureGCC utilities projects sector breakdown by subsector 82
Figure 66: FutureGCC hydrocarbons projects sector breakdown by subsector 83
Figure 67: Top future civil construction clients by project pipeline 84
Figure 68: Top future utilities clients by project pipeline 85
Figure 69: Top future hydrocarbons clients by project pipeline 86

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.