Terrapinn Middle East, organiser of Middle East Rail, revealed that 16 major railway projects worth $352bn are currently under construction in the MENA region.
Jamie Hosie, project director at the show, said: “With current market conditions as they are, it’s a great opportunity for international rail suppliers to enter the market. Governments are now diversifying their resources, putting more emphasis on projects that are not oil-related. With transport and logistics sectors playing an increasingly important role in the region’s economies, governments are now looking towards innovative technologies to boost economic sectors that will boost intra-regional trade and tourism activities.”
The ICAEW Economic Insight Middle East report stated Kuwait, Saudi Arabia, the UAE and Oman will likely net the biggest windfalls, with logistics forecast to contribute 13.6%, 12.1%, 11.7%% and 11.7% to their respective economies by 2018.
This year’s Middle East Rail will be held from 8 to 9 March 2016 at Dubai International Convention and Exhibition Centre. The event will give railway operators and construction companies a first look at 2016 tenders and a glimpse into the techniques and technologies being implemented to build these futuristic networks.