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GCC infrastructure expenditure 'is strong'

02 Jul 2009

GCC infrastructure expenditure 'is strong'
Infrastructure spending by governments in the Gulf Cooperation Council (GCC) will remain strong over the coming years, it has been claimed.

A report by HC Brokerage found that countries such as Saudi Arabia have the "financial ability to support their spending programmes and boost their economies through non-oil dependent revenues."

It asserted that construction activity in the GCC is "sustainable" and that demand for services offered by infrastructure and utility projects is determined by demographic trends, reports Emirates Business 24/7.

Among the nations to announce major spending plans is Saudi Arabia, the government of which will be investing $400 billion on projects over the next five years.

While the economy in the nation is expected to contract by 0.9 per cent, its construction sector will remain the largest in the Middle East and north Africa region.

The boom in construction is reflected in the expanding cement industry in the country, which is expected to grow by 39 per cent between 2008 and 2010, according to a report by Credit Suisse. ADNFCR-1127-ID-19247020-ADNFCR

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