The fall in the price of oil has pushed construction margins down in the Middle East and forced companies to reduce prices in order to win work, according to new research by professional services company, Turner & Townsend.
The International Construction Market Survey 2017 (ICMS) calls for increased investment in innovative technologies, new construction methods and better use of data to boost productivity in the sector.
The report analyses input costs – such as labour and materials – and charts the average construction cost per m2 for commercial and residential projects in 43 markets around the world.
The cost of building in the Middle East is considerably lower than in other global capitals, with Doha ranking the 15th most expensive place to build at an average cost of $2,367 per m2, while the UAE and Muscat are placed 26th ($1,726 per m2) and 30th (US$1,397 per m2) respectively.
Read the full article on Construction Business News.