Middle East losing its shine? Construction activity to cool across region in near-term, says survey | ZAWYA MENA Edition

Middle East losing its shine? Construction activity to cool across region in near-term, says survey | ZAWYA MENA Edition:

Construction activity in the Middle East, with the exception of Saudi Arabia, is expected to remain soft in the near-term due to reduction in business enquiries and workloads in the first quarter, according to the latest RICS Middle East Construction and Infrastructure survey.

In its statement on the survey results, RICS pointed out that while subdued oil prices contributed to the weak first quarter sentiment, there was a general reduction in new business enquiries and workloads in Oman, UAE and Qatar, which signals a near-term softening of activity.

For the next 12 months, tender price predictions for building and civil engineering in Oman, UAE and Qatar indicate a decline, the statement said, with more than 70 percent of survey participants citing competition and lack of demand as a constraint on activity.