GCC construction total more than $2trn

Projects currently under construction in the Gulf Cooperation Council (GCC) amount to $2.4trn.

The construction projects also include transport and energy infrastructures, according to Deloitte’s GCC Powers of Construction 2017 report.

Construction projects total $1trn, making it the largest sector, whilst transports accounts for $447bn, and power and energy projects make $224bn, Deloitte sourced from MEED Projects.

It is believed that Expo 2020 is a huge drive for construction investment, as the industry is led by the UAE market.

SEE ALSO:

• UNEC awarded $1.14bn Deira mall construction contract by Nakheel

• $30bn committed to reconstructing Iraq

• Emaar appoints ALEC Energy to construct solar plant for Dubai Hills Mall

• Read the latest issue of Contruction Global here

Dubai is considered the GCC’s “bright spot” for construction, which is solidified by the nation’s 2018 budget.

The UAE has designated 21% of its capital to infrastructure projects in the lead up to its exposition.

In the country’s capital city, Abu Dhabi, two large-scale projects are set to come back online following delays – the Abu Dhabi Metro and Etihad Rail.

Saudi Arabia is currently aiming to boost its gross domestic product (GDP) contribution to 65%, as well as to privatise more projects or deliver them through public-private partnerships (PPP).

The nation is also targeting to build 10,000 new homes in a period of seven years.

Kuwait also wants to develop more projects through PPP, and has a metro system project underway, costing $7bn, and 35,000 housing units at the value of $14bn.