VG 30 Bitumen
VG 30 Bitumen
Construction in Africa and The Middle East
VG 30 Bitumen : Roads and highways play a major role in countries GDP and development. Roads are the veins of a city and a country which also connect them with other parts of the world. Hence, on the way of expansion, construction sites emerge and develop. Accordingly, the country consumes more bitumen and fuel.
In the forecast period by 2023, experts predict a 6.9% increase in compound annual growth rate (CAGR) in the Middle Eastern & African construction industry. During 2014-2018, the infrastructure construction reached about $48 billion. The government has also decided to expand the economy; therefore, we see a constant growth in West African countries construction such as Nigeria, Ghana and Senegal. It has led to a growing demand for bitumen and asphalt such as VG-30 bitumen. The hot climate in most of the regions brings an opportunity for VG-30 bitumen suppliers or other stiff bitumen such as 40/50 penetration grade.VG 30 Bitumen
Consequently, the region is attracting investment from everywhere for new opportunities. It is expected that the construction industry leads the economy for the upcoming years. With the new construction sites, new jobs and working opportunities will appear for the domestic residence. Thus, the unemployment rate will hopefully decrease. In addition to the new sites, the former constructions and pavements such as parking lots and buildings require maintenance, which brings out more job opportunities.
Some countries such as Kenya are embracing a bigger portion in GDP. The perspective of constructions in Kenya is potential with high growth. According to forecasts, Kenya takes at least 10% of GDP by 2030 that is mainly construction-related. We may see a rise in VG-30 bitumen demand in Kenya in the future.
Foreign Investors
China increased global investments recently including in Africa; indeed, it was the strongest ally for Africa in recent years. In December 2018, during the Forum on China-Africa Cooperation (FOCAC), China announced $60 billion in financial support to Africa. After Asia and Europe, Africa is the third destination of Chinese investments.VG 30 Bitumen
China is Africa’s biggest and strongest ally and in recent years has pumped millions of dollars into the continent. Chinese investment has increased globally, and Africa is the third-largest destination for Chinese investment behind Asia and Europe. However, investment toward sub-Saharan Africa slightly declined in 2017, following the slight drop in aggregate Chinese investment.
In the past couple of years, Nigeria has received large funds from China for railways construction. Kenya and Ethiopia received funds among other countries as well. China also provided the energy field with relatively large funds, including the petroleum industry and renewable energies.
