Much more new business opportunities in the GCC recently opened up for Brazilian investors with USD 32 billion well worth of large urban construction projects now being tendered in the region, inning accordance with the Arab-Brazilian Chamber of Commerce (ABCC).

The ABCC, which aims to foster economic, cultural, and tourist ties between Arabs and Brazilians, said that the record recently launched by Dubai-based market research company BNC Network is solid evidence that the GCC remains an encouraging market for Brazilian business people. The record reveals that a total of 801 city construction tasks with a combined value of USD 32 billion are presently hurting in the region. The same record likewise anticipates that the value of regional construction agreements will strike the USD 50.9-billion mark by the end of 2017.

"The year 2017 is showing to be an exciting time for lively and robust Arab-Brazilian ties. The urban construction projects as reported by BNC are another opportunity worth discovering by capitalists from the vast South American country, which will certainly lead the way for even more methods to more grow the relationships in between the Gulf nations and Brazil.We are carefully collaborating with our companions to see how we can additionally help with the circulation of info and knowledge between interested parties to optimize brand-new potential customers in the swiftly increasing construction tasks in the region," said Dr Michel Alaby, Assistant General and Chief Executive Officer, ABCC.

BNC attributes the 'tremendous' construction jobs in the region to mega-events such as Dubai Exposition 2020, along with oil price stablizing, economic diversification plans, and higher living criteria. It expects the total agreement value to broaden by 29 per cent to USD 65.6 billion in 2018, and by 1 per cent to USD 66 billion in 2019.

It also notes that the UAE remains the region's construction industry hub, citing considerable agreements sealed during the 2nd quarter of 2017 in the country such as the Deira Island Shopping center in Dubai; City Center - Al Zahia in Sharjah; and domestic facilities Acres in Abu Dhabi. A contract covering Danat Al Lawzi in Bahrain was successfully closed as well during the same period, the report adds.