PRLog (Press Release) – Jun 27, 2011 – The ongoing and bloody unrest that has swept across Yemen has transformed the outlook fo helicop ter technology r the country's construction industry and turned a Kenmore Bisque 15 inchi ctivity in the sector upside down. Since the uprisings started, political uncertainty has peaked as President Ali Abdullah Saleh's exit has stalled and the country slides towards civil war. BMI expects the industry to grow by just 1.3% in real terms to YER338.78bn (US$1.53bn) over 2011, against YER304.38bn (US$1.45bn) in 2010.
Key developments in recent months include:
* In terms of investment, the unrest has led to the unravelling of Yemen's much-needed aid funds. The US government halted the roll-out of its US$1bn aid package to Yemen in February 2011 following demonstrations against Saleh. Moreover, disruptions to oil production will quickly impact activity in Yemen's construction sector, with about 60% of government revenue derived from oil. The country's oil production dropped by over a third of its normal 270,000 b/d rate in April 2011, according to the International Energy Agency (IEA), which expects output to remain down on usual levels for some time. Vienna-based oil firm OMV claimed that the Marib-Ras Isa oil pipeline, which exploded in mid-March 2011, could not be repaired as a result of unrest in the country. Equally, the government's decision to abandon its YER25bn (US$117mn) Islamic bond issue in Q211 will place more strain on state spending, although road construction in the country benefited from a successful YER3.25bn (US$15.13mn) bond sale in February 2011. * Meanwhile, ports were reportedly carrying out their shipping operations without interruption, despite increasing unrest and ongoing protests, according to the Port of Aden. The Port of Aden was continuing to load and unload its container shipping, bulk and general cargoes, and oil tanker operations. Container shipping and general and bulk cargo operations were also being carried out normally in the Port of Hodeidah. Several companies have reviewed and increased security measures at their facilities across Yemen's ports. * Some investment continues to feed into the sector despite the political uncertainty. Turkish investors were still considering building power plants in Yemen as late as March 2011 - with the projects worth between US$550mn and US$1.5bn over the next five years, according to local reports. Meanwhile, the Kuwait-based Arab Fund for Economic and Social Development (AFESD) remained committed to the US$50bn Crossroads project, the US$150mn fourth phase for sanitation work in Sana'a and a US$30mn project to upgrade a sewage treatment plant in the capital.
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The modest growth of Yemen's construction sector in 2011 represents a sharp slowdown from growth rates of 6.1% and 5.8% over 2008 and 2009 respectively. Growth will accelerate only slightly in subsequent years, reaching the 2% mark in 2012. However, growth will edge down again to 1.55% at the end of BMI's forecast to 2015, when the sector will be worth YER532.2bn (US$2.07bn).
Report Table of Contents:
SWOT Analysis - Yemen Infrastructure SWOT Market Overview - Yemen Building Materials - Global Materials - Middle East Overview Industry Forecast Scenario - Table: Yemen Construction And Infrastructure Industry Data - Table: Yemen Construction And Infrastructure Industry Data - Construction And Infrastructure Forecast Scenario Transport Infrastructure - Transport Infrastructure Overview - Major Projects Table - Transport - Table: Major Infrastructure Projects - Transport Energy And Utilities Infrastructure - Energy And Utilities Infrastr trash bins ucture Overview - Major Projects Table - Energy And Utilities - Table: Major Infrastructure Projects - Energy & Utilities Residential/Non-Residential Construction And Social Infrastructure - Residential/Non-Residential Construction and Social Infrastructure Overview Business Environment - Yemen Business Environment - Rewards - Risks - Regional Overview - Middle East Infrastructure Business Environment Ratings - Table: Middle East Infrastructure Business Environment Ratings Company Monitor - Al-Rehab Engineering - HAWK International Global Overview Methodology - Industry Forecasts - Construction Industry - Data Methodology - New Infrastructure Data Sub-sectors - Construction - Capital Investment - Construction Sector Employment - Infrastructure Business Environment Rating - Table: Infrastructure Business Environment Indicators
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