Risk examination in the Arabian Gulf Region construction industry from international firms' insights Online publication date: Fri, 15-Dec-2017
by Ruqaya Al Sabah; Hala Nassereddine; Awad S. Hanna
Middle East J. of Management (MEJM), Vol. 5, No. 1, 2018
Abstract: Risk is an ever-present event on any construction project. International projects are more challenging than domestic projects as they experience a wider range of risks. With the growing amount of construction in the Arabian Gulf Region (AGR) and many more international firms attempting into new international markets, limited research exists to identify and evaluate the impact of risks on projects in this area. This paper provides an overview of the risk associated with international projects. Seventy-four risks encountered in the AGR were identified and their impact on cost and schedule performance metrics was evaluated. Projects for which cost and schedule were both impacted were identified and the correlation between cost and schedule was compared. Some factors were found to have significantly higher impact on cost or schedule. An international risk assessment tool (IRAT) was developed to help multinational firms enhance their visual ability to pre-emptively identify, address, and mitigate risks.
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