Compass Project Consulting launched its quarterly construction costs benchmarking report that covers the UAE and KSA audience.

UAE Market Highlights

The UAE market conditions remained strong in the second quarter of this year and rising concerns about inflation did not prevent positive consumer spending helping the UAE achieve consistent economic growth.

• Construction commodities inflation risks due to global events impacting supply chain management.
• Increase in number of both Restuarant (F&B) and Offices (Workplace) fit out tenders to market recorded, with 5% - 10% tender price escalation seen.
• Alternative procurement routes being considered to manage risk of tender price inflation for major works.
• Hospitality sector is showing strong rebound from Covid lows, including for both New Build, and Refubishment and Alteration projects.
• Continued increase in HNWI within prime residential real estate market.

KSA Market Highlights

• Saudi Arabia’s construction sector is in a high growth trend, driven by the Kigdom’s visionairy leader, and Vision 2030.
• Unprecedented world class entertainment projects are happening in Saudi Arabia.
• The market is witnessing more procurement and construction works starting for Giga projects, plus higher than normal tender returns for fast paced projects.
• PIF’s development strategy is providing growth opportunities to Saudi local real estate developers.
• The market is witnessing PPP opportunities, further boosting the local market, benefiting local expertise in development projects.
• There is an inflow of experienced talents and organisations from around the globe to KSA.

About Compass

Drawing on their extensive delivery experience, industry-wide knowledge and sophisticated project development tools, Compass facilitates the most proficient path towards project success, overcoming constraints and obstacles to deliver projects effectively and efficiently for their Clients.

Specialising in start-to-finish project development solutions, their collective attention to detail, and passion for getting everything right, helps define and solidify their customers' goals, whilst establishing and managing realistic schedules and budgets.

Compass leads construction projects from concept right through to completion with services including

• Development Management
• Program Management
• Project Management
• Commercial Management
• Claims & Dispute Resolution

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