Hopes are rising that a $4bn project to widen the Suez Canal will provide Egypt with a boost in construction activity, while also significantly raising revenue in the longer term.
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Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
Kuwait is seeing significant activity in its construction sector this year, with contracts worth $17.5bn already signed or on offer. There are also a number of large-scale projects already underway and at the stage of moving from the drawing-board to the development stage, adding further momentum. However, raw material supplies, including cement, are in short supply and could cause delays and cost increases.
A renewed focus on developing the tourism and industrial sectors has driven a construction boom in Ras Al Khaimah (RAK) and led to the development of a host of industrial, residential, commercial and retail spaces. To support this growth, the government has at the same time invested in basic electricity, water and sewer networks.
Reverberations are expected in the Philippine cement industry from the $54bn planned merger of Lafarge and Holcim as the two companies plan to restructure their operations in the Philippines which could unravel an even bigger shake-up of the local industry.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.