Gulf construction projects top $2.4tn
The total value of construction projects in the Gulf now tops $2.4 trillion, spearheaded by developments in Saudi Arabia and the UAE, according to research firm Proleads.
Figures released on Sunday by the database company show that a total of 2,837 projects underway in the GCC amount to $2,465 trillion, with developments such as the King Abdullah Economic City (KAEC) in Saudi Arabia, Kuwait's Silk City and Dubailand among the most ambitious.
The company said that when additional developments currently at the early planning or concept stage are also taken into account, Gulf countries accounts for a total of 3,519 projects worth over $2.5 trillion.
Saudi Arabia, the world's largest oil producer, leads the way in development dollars, with construction projects in the kingdom topping $1.1 trillion, the UAE stands in second place with developments worth a total of $700 billion, while Kuwait is in third place with projects valued at just under $300 billion, Proleads said.
The company said the boom is largely being driven by the civil construction industry, which is now almost five times as large as that of construction in the oil and gas sector.
With oil prices quadrupling since 2002 to a record high just under $100 a barrel, governments are investing their windfall to reduce reliance on energy exports by developing tourism, financial services and industry.
Civil construction investment currently exceeds $1.35 trillion, worth more than construction projects in oil, gas, power, water, petrochemicals and industry combined, according to Proleads.
The largest of these civil developments is KAEC, a $120 billion development by Dubai-based property giant, Emaar.
The mammoth project will span 168 million square metres and comprise of six components: the Sea Port; Industrial Zone; Central Business District; Resort District; Educational Zone; and Residential Communities. Source
Figures released on Sunday by the database company show that a total of 2,837 projects underway in the GCC amount to $2,465 trillion, with developments such as the King Abdullah Economic City (KAEC) in Saudi Arabia, Kuwait's Silk City and Dubailand among the most ambitious.
The company said that when additional developments currently at the early planning or concept stage are also taken into account, Gulf countries accounts for a total of 3,519 projects worth over $2.5 trillion.
Saudi Arabia, the world's largest oil producer, leads the way in development dollars, with construction projects in the kingdom topping $1.1 trillion, the UAE stands in second place with developments worth a total of $700 billion, while Kuwait is in third place with projects valued at just under $300 billion, Proleads said.
The company said the boom is largely being driven by the civil construction industry, which is now almost five times as large as that of construction in the oil and gas sector.
With oil prices quadrupling since 2002 to a record high just under $100 a barrel, governments are investing their windfall to reduce reliance on energy exports by developing tourism, financial services and industry.
Civil construction investment currently exceeds $1.35 trillion, worth more than construction projects in oil, gas, power, water, petrochemicals and industry combined, according to Proleads.
The largest of these civil developments is KAEC, a $120 billion development by Dubai-based property giant, Emaar.
The mammoth project will span 168 million square metres and comprise of six components: the Sea Port; Industrial Zone; Central Business District; Resort District; Educational Zone; and Residential Communities. Source
No comments:
Post a Comment