MIDDLE EAST (The Middle East countries are forecast to see minimal GDP growth in the 3rd & 4th Q of 2020):
Oil prices have plummeted by more than a third in the last two months. The falling demand for oil and the effect of the Coronavirus Pandemic, in addition to the ongoing Russia V Saudi Arabia price war is leading to layoffs, downsizing, unpaid leave, project delays / cancellations & major CAPEX reductions across all Middle-East construction sectors.
Qatar, Jordan, Kuwait, Libya, the UAE & Saudi Arabia are in the same boat as many other countries. These countries are pronouncing new hygiene & travel restrictions, procedures & protocols as the number of Coronavirus infections keeps ramping up.
The Coronavirus Pandemic has the potential for all Middle-East future or current ongoing construction projects to be delayed or worst case postponed. The economic impact and fallout of the Coronavirus still needs TBD.