December 04, 2008

Construction boom in GCC estimated at USD 2.4 trillion

It is reported that the construction boom in the Gulf region has reached new heights, with 2,837 projects estimated to be worth in excess of USD 2.4 trillion now underway with majority of development being carried out in Saudi Arabia and the UAE. The phenomenal scale of current and planned projects across the GCC was highlighted as the Big 5 PMV opened in Dubai.

According to research by database company Proleads, which monitors regional construction projects across all industry sectors, the biggest construction project currently underway in the region is the King Abdullah Economic City in Saudi Arabia valued at USD 120 billion followed by USD 86 billion Silk City Project in Kuwait and Dubailand in the UAE valued at USD 60 billion.

The research also shows that, when additional developments currently at the early planning or concept stage are also taken into account, the Gulf countries account for a total of 3,519 projects worth USD 2.527 trillion. Massive developments like this have turned the Middle East into the world’s biggest market for plant, construction vehicles, machinery and equipment.