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17 July 2024

Construction sector to grow to $336bn by 2020

Photo: Wam

By Wam

The estimated value of the building and construction industry in the Middle East and North Africa, MENA, region is expected to surge to $336 billion by the year 2020, according to recent business reports.

Thermal insulation technologies provide efficient solutions conducive to increasing the value of the industry in MENA from $235 billion in 2016 to $336 billion by 2020, said a report by BMI,a research firm that provides macroeconomic, industry and financial market data.

The total value of building and construction contracts is expected to surge to $300 million in 2019 , a 43 percent increase from $235 billion in 2016, as the new thermal technology contributes to reducing costs and energy consumption in buildings by preventing heat gain and loss through the building envelop, and provides larger spaces for livelihood and business, said a number of architects and interior designers ahead of the INDEX International Design, which will be organised in Dubai on May 22nd -25th, 2017.