[PDF] [PDF] Middle East Construction Handbook 2018 - 19 - Aecom

[PDF] Middle East Construction Handbook 2018 - 19 - Aecom

fiscal stimulus plans have helped support investments Cloud based software platform solutions are being used this is written in English, Site sign board 2

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today is with the Canadian logging industry in the 1970's (Britpave, 2013) above process to support the use of RCC on the Highways England network The analysis of thickness was done using propriety in-house software at AECOM External In-situ Concrete Paving, (in English), Concrete Society technical report, no 

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Practitioners support active regulation Rupinder Mann, P Eng , was one of the first graduates of the Uni- versity of Western Ontario's software engineering program in 2002 turnkey test and automation, real-time data log- AECOM Licensed by both PEO and the Asso- ciation of Professional Engineers, Geologists and

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This document has been prepared by AECOM Infrastructure Environment UK The British Standards Institute (BSI) defines the CDE as 'a single source of The opportunity exists to support procuring authorities implement CDE within software priority within any organisation wishing to work within a BIM enabled 

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18'

Handbook

Middle East1

2Middle East Property & Construction Handbook 2018/19

Welcome to the twelfth

edition of the Middle East

Property & Construction

Handbook. We hope that you

the trends shaping the global and regional construction industry of interest and this year's selection of articles and cost data of value. reviewing the global macro- economic factors that categorized 2017 as a better year than 2016 for the world economy; a trend set to continue in the near term. Better than expected performance of key markets in Europe and the US supported an uptick in global economic output in

2017 and early 2018. Increased

manufacturing output in Asia also played a part. Section one contains a detailed review of these markets as well as our anticipated trends for the

If you are new to the Middle

East construction industry,

section three will provide you with insights into procurement routes, forms of contract in the Middle East and building regulation and compliance. If you are a veteran in the Middle

East industry, section three will

provide you with a reminder of key contract and regulatory information, a good reference to keep.

The handbook concludes

with our reference section, international and regional cost data and a directory of our

FOREWORD

As with previous years we continue to

seek feedback in everything we do.

Please contact the editors, Marc Gibbons &

Tulsi Patel via bi_middleeast@aecom.com

for further information. AECOM 3

Sarat Village

Il Primo

Image courtesy of Emaar

4Middle East Property & Construction Handbook 2018/19

03 05 0604
02 01

Reference articles

Future of InfrastructureReference data

Articles

Economic round up

74

Procurement routes78

Middle East forms

of contract83

Building regulations

and compliance 115
119

Future of

Infrastructure survey

92

International building

cost comparison100

Regional building

cost comparison102

Basis of

construction costs104

Mechanical and

electrical cost comparison 105

Major measured

unit rates106

Major material

prices107

Labour costs108

Middle East

Indices

110

Typical building

services standards

Exchange rates112

Weights and

measures 40

Digital construction47

Project value and risk

management trends in the GCC61

Ecology of a city

08

Global economic

review15

Global construction

projects22

MENA economic

review

Contents

5

6Middle East Property & Construction Handbook 2018/19

08

Global economic

review15

Global construction

projects22

MENA economic

review 01

ECONOMICROUND UP

IN BRIEF

AECOM 7

GLOBAL

ECONOMIC REVIEW

8Middle East Property & Construction Handbook 2018/19

and 2017 contributed to the improvement in global economic forecasts for the near term. According to the World Bank Group, world trade volume increased by 4.8 percent in 2017 and is expected to grow by another 4.3 percent in 2018. IMF estimates a growth in exports of advanced economies by 4.2 percent in 2017, well above their growth levels in 2016.

The volume of exports in emerging and developing

economies continued to increase at a higher rate from their 2016 levels. These positive trends are supported primarily by increased investment from advanced economies and increased manufacturing output in factor in the coming periods.

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

2015201620 17e2018f2019f20 20f

Source: World Bank Economic Prospects, Jun 2018

Source: IMF, World Economic Outlook, Apr 2018

% change y-o-y Fig. XX Growth in volume of exports of goods and services

Source: IMF, World Economic Outlook, Apr 2018

% change y-o-y Fig. XX Growth in volume of exports of goods and services

Source: IMF, World Economic Outlook, Apr 2018

% change y-o-y Fig. XX Growth in volume of exports of goods and services Growth in volume of exports of goods and servicesReal GDP growth

Source: World Bank Economic Prospects, June 2018

4.2 4.3 4.8

Source: IMF, World Economic Outlook, April 2018

Note: AECOM 9

The global composite purchasing managers'

rising new orders and work backlogs. This movement further supports an acceleration of global economic output growth in the near term. Fiscal stimulus and structural reforms are currently under review or being implemented by many countries around the world. In the US, tax reforms and investments and could result in improved market sentiment within the US economy and its major trading partners. To further drive investment in their countries, China and

India have revised their investment policies

allowing foreign companies more autonomy and opportunities to invest. Nigeria, Malaysia and Indonesia, among many other countries, have also revised laws and policies around corporate regulations and government processing time in order to create more business-friendly environments.

Source: JP Morgan

Fig. XX Global Composite PMI

47484950515253545556

Global Composite PMI

Source: JP Morgan

10Middle East Property & Construction Handbook 2018/19

COMMODITIES

Commodity prices strengthened in 2017 with improving trade levels, increased investments and positive

slower rate than that recorded in 2017. Prices will remain susceptible to changes in global demand, policy,

distribution channels, technological advances and geopolitical conditions.

Source: World Bank Economic Prospects, Jun 2018

Oil Price

-40%-30%-20%

Commodity indices

Growth in commodity prices

Source: World Bank Economic Prospects, June 2018

Source: IMF: World Economic Outlook. April 2018AECOM 11 Changes in oil demand growthAnticipated changes in crude oil supply

Oil prices

The continued co-operation of

OPEC countries and the non-

OPEC oil producers in 2017 led

oil prices. OPEC leadership and non-OPEC members, including

Russia, have signed a roadmap

for cooperation that extends the existing framework post 2018, without necessarily limiting

Source: OPEC, World Oil Outlook 2040

2.0 1.0 0.0 0.5

Source: OPEC, World Oil Outlook 2040

Source: OPEC, World Oil Outlook 2040

12Middle East Property & Construction Handbook 2018/19

Metals

Metal prices improved in 2017

on the back of increased productivity and trade across many countries. Prices remained largely stable in the rising inventories, due to the anticipated growth in demand.

Growths in the manufacturing

and industrial sectors across Asia have helped support prices and avoid any large drop post

Source: IMF, World Economic Outlook, Apr 2018

-40%-30%-20%

Changes in metal prices

Source: IMF, World Economic Outlook, April 2018AECOM 13

Global EPU index with PPP adjusted GDP weights

GLOBAL ECONOMIC MARKET

world economies, including the US and China, and increased investments in emerging markets and developing economies (EMDEs) represent an upward risk. If plans for major projects and spending materialize, this could improve market sentiments, domestic demand and further support economic growth between trade partners. an international level, risk of over valuation of assets increases, particularly market, and could result in sudden market adjustments. Emerging economies, particularly export-led economies, need to implement structural reforms that strengthen their guard against sudden market adjustments. ώ poses a downside risk in the medium term, as increases in trade barriers hold the potential to escalate into trade wars between countries and regions. International trade encouraging governments to work together rather than in silos to promote a more inclusive trade environment unrest continue to provide a downward risk on global economic markets as they dampen market sentiments, particularly in countries

Additionally, elections in

India and certain Latin

American countries,

including Brazil, Mexico and

Colombia, could further

impact their economic growth as new administrations alter is a measure developed (Davis, 2016) to gauge "uncertainty" sentiments by measuring the frequency of articles in domestic newspapers mentioning "economic policy uncertainty". The economic policy uncertainty (EPU) index recorded its highest reading in a decade at the beginning of 2017, however market sentiment.

Global EPU with PPP adjusted GDP weights

Fig XX. Global EPU Index with PPP adjusted GDP weights

Source: JP Morgan

050100150200250300350

US Elections

UK BrexitIncrease in political turmoil

Source: Economic Policy Uncertainty

14Middle East Property & Construction Handbook 2018/19

MENA ECONOMIC REVIEW

22Middle East Property & Construction Handbook 2018/19

World, EMDEs and MENA, GDP growth at constant prices Selected MENA countries, GDP growth at constant prices

According to recent IMF

forecasts, the MENA region is expected to grow at an annual rate of 3.2 percent to 3.5 percent between 2018 and 2022, below the anticipated world and EMDE growth rates over the same time period. GCC countries, which have traditionally led economic growth tables, are now expected to grow at or below MENA average levels.

This subdued performance is in

part due to increases in public expenditure despite modest growth in oil revenues and non-oil sector markets. Egypt and Morocco are expected to outperform their MENA counterparts, with an increase in

FDI and trade levels contributing

heavily to this trend.

01.02.03.04.05.06.07.08.0

Source: IMF World Economic Outlook - April 20182.2% AECOM 23

GCC budget expenditure

EASING AUSTERITY MEASURES

The subdued economic

performance of many countries in the MENA region over the past couple of years necessitated governments' adoption of austerity measures, adjustments, including introducing value added tax, lowering subsidies and reducing public spending overall. These austerity measures are likely to ease over 2018/2019 due to better economic performance and rising public pressure in some non-GCC MENA countries. GCCquotesdbs_dbs6.pdfusesText_12