ConsTrack360

  The Middle East has emerged as a leading tourism destination after the pandemic-induced restrictions were lifted globally. The significant rebound in the tourism sector has resulted in the undertaking of many new hotel development projects across the Middle East in 2022. Diriyah Gate, for instance, announced 16 new hotels are slated for construction at the US$50 billion giga-project. Some of the hotel brands planning to launch the project at Diriyah Gate include Faena, Corinthia, Hyatt Palace, and Taj, among others.  Read More - The public and private investment in the construction industry will drive the infrastructure boom in Saudi Arabia More global hotel brands are projected to undertake new construction projects in 2023, as the rebound in tourism activities continues over the next 12 months. The spending towards these construction projects is expected to lead to the growth of the commercial construction market in the Middle East . ·      ...

  The Chinese property sector has been plagued by construction delays after liquidity issues emerged at Evergrande, one of the largest and most indebted real estate firms in the country. The subsequent imposition of tighter controls by the Chinese government sparked a property crisis, and ever since, the construction industry has been facing severe headwinds. In a bid to revive economic growth and support the declining construction market, the Chinese government is now treating from tighter control to injecting billions of dollars into the property developers, a move that will counter the real estate crisis in the country. Read More - The surging cost of building materials hampering the growth of the construction industry globally Many of the leading state banks have launched a concerted effort to strengthen the struggling property and construction market in China. The new policy support from the Chinese government has raised market sentiment while offering a ray of light for ...