The total value of construction projects in the Gulf region has reached USD 1.68 trillion and despite the economic downturn the region remains one of the largest construction markets in the world.

BNC Network an online project tracker said that of the total projects, USD 489.39 billion worth of projects are currently under construction, USD 81.45 billion worth of projects are in the tendering phase, USD 125.12 billion worth of projects are in design phase.

Projects worth USD 265.25 billion are in the initial planning and concept phase. However, nearly 43% or USD 723.61 billion worth of projects the largest category of projects are still on hold.

Mr Ben D’Souza COO of BNC Network said that “Despite the economic slowdown caused by the global financial crisis in 2008 to 2009, the Gulf region still remains one of the largest construction markets in the world after China where several large scale projects are still on track. This reflects the governments’ determination to continue to invest in expanding their infrastructure that will help spur economic growth at a time when Europe and the US economies are struggling amid crisis after crisis.”

Source - Trade Arabia


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