Combined construction in the GCC is valued close to $1.1 trillion

March 22, 2017

undefinedProjects in the Gulf region are worth a combined $1,097.9 trillion, with buildings and urban development accounting for more than half, at $745.1 billion.

The research was conducted by data analysts BNC and commissioned by Middle East Stone, which will take place from 22-25 May, 2017.

Across the GCC, more than 12,200 buildings are under construction for a value of $448 billion, with a further 204 urban mega projects at a cost of $297 billion also under way.

The report said that of 21% of planned projects in the GCC are on hold, valued at $494.9 billion.

The Gulf is currently responsible for 92% of all stone-heavy urban construction projects across the whole of the MENA region, accounting for 80% of the total value.

“Breaking through the $1 trillion mark may be the most obvious indication yet of just exactly how booming the construction market remains to be across the GCC,” says Yan Wang, Event Director of the show in a statement.

Dubai developer Nakheel recently announced $231.4 million-worth of new projects. The firm has awarded a construction contract worth $50.23 million to Parkway International Contracting LLC for a second hotel at Ibn Battuta Mall and floated tenders for the piling works at a $245 million hospitality project being developed with Spanish hospitality group RIU at Deira Islands.

An agreement has been signed between the government of the Arab Republic of Egypt and the Kuwait Fund for Arab Economic Development where the Fun will provide a grant of $328, 260 to improve farmers' income level, and finding new marketing outlets, and increase the country's revenue from the agriculture.

Sharjah also has a line of projects in the pipeline including the $4.8.4 million Sharjah International Airport Expansion, project aimed to handle 25 million passengers by 2027.

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