More new business opportunities in the GCC recently opened up for Brazilian investors with US$32 billion worth of large-scale urban construction projects now being tendered in the region, according to the Arab-Brazilian Chamber of Commerce, ABCC.

The ABCC, which aims to foster economic, cultural, and tourism ties between Arabs and Brazilians, said that the report recently released by Dubai-based market research firm BNC Network is strong proof that the GCC remains a promising market for Brazilian businessmen. The report reveals that a total of 801 urban construction projects with a combined value of US$32 billion are currently being tendered in the region. The same report also forecasts that the value of regional construction contracts will hit the US$50.9 billion mark by the end of 2017.

"The year 2017 is proving to be an exciting time for vibrant and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth exploring by investors from the vast South American country, which will pave the way for more avenues to further flourish the relations between the Gulf countries and Brazil. We are closely coordinating with our partners to see how we can further facilitate the flow of information and knowledge between interested parties to maximize new prospects in the rapidly increasing construction activities in the region," said Dr. Michel Alaby, Secretary-General and CEO, ABCC.

The BNC attributed the ‘tremendous’ construction projects in the region to mega-events such as Expo 2020 Dubai, as well as oil price stabilisation, economic diversification policies, and higher living standards. It expects the total contract value to expand by 29 percent to US$65.6 billion in 2018, and by 1 percent to US$66 billion in 2019.

It also notes that the UAE remains the region’s construction industry hub, citing substantial contracts sealed during the second quarter of 2017 in the country such as the Deira Island Mall in Dubai; City Center – Al Zahia in Sharjah; and residential complexes Yas Acres in Abu Dhabi. A contract covering Danat Al Lawzi in Bahrain was successfully closed as well during the same period, the report added