Thursday, February 2, 2017

$6.5bn healthcare contracts likely this year

The GCC countries are expected to award healthcare project contracts worth $6.5 billion in 2017 as per current schedules, a report said. This is against the $4 billion worth of projects awarded in 2016.

The GCC healthcare construction industry is all set to continue its healthy position in 2017 fuelled by demographic and macroeconomic factors, said the Ventures Onsite report.

GCC governments are introducing regulatory changes to improve efficiency and quality of healthcare services. There are global and regional investors already active in the region’s healthcare sector, with more international, local and regional players preparing to take advantage of the favorable climate, the report said.

“There is a pipeline of nearly 400 planned and on-going hospital or healthcare related projects valued at $57 billion in the GCC. Out of 400, there are 37 projects in the bidding and evaluation stage that will be awarded soon to contractors,” said Mibu John, managing director of Ventures Onsite - construction project intelligence portal.

About 33.7 per cent of the projects will be built in Saudi Arabia, while the UAE will account for 32.4 per cent, the report said.

Sixty hospital and related projects were completed in the GCC in 2016 with another 92 expected to be completed in 2017. The number of hospital beds is expected to reach 114,000 by 2020 compared to the 101,797 in 2015, the report said.

Some of the major hospital projects expected to be awarded to contractors in 2017 include: New Children's Hospital – Kuwait; New Sultan Qaboos Hospital in Salalah – Oman; MOI - Hospital in Doha –Qatar; Mental Health & Psychiatry Hospital in Al Wakra – Qatar; The Clemenceau Medical Centre at the Dubai Healthcare City 2 - UAE. – TradeArabia News Service

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