GCC Construction Projects Rises To 13% (31.07.2012)
Tuesday, July 31, 2012:
Building projects worth over US$57.8bn were awarded to contractors in 2011 across all building sectors (residential, commercial, hospitality and retail), with the sector likely to increase by 13 per cent to US$65.5bn by the end of 2012, according to new research by Ventures ME commissioned by dmg:: events, the organising team behindthe INDEX International Design Exhibition. The Middle East and North Africa’s largest and longest established Interiors and Design Exhibition, the 22nd annual edition of INDEX will run from September 24-27, 2012 at the Dubai World Trade Centre, Dubai, UAE.
In 2011, construction projects to the value of US$46.52bn were completed in the GCC, a figure expected to increase dramatically, up 71 per cent to US$79.75bn in 2012. The research revealed that the United Arab Emirates continues to garner the largest share of the total GCC building construction market – accounting for almost half (48 per cent), with Saudi Arabia taking a further third (33 per cent) followed by Kuwait (8%), Qatar (6%), Oman (3%) and Bahrain (2%).
The value of commercial real estate projects is set to almost double in 2012 to US$15.3bn from US$7.7bn in 2011 as the GCC continues to be a leading luxury destination for retailers, with four of the six GCC countries ranking among the top 20 global retail destinations, according to the Global Retail Development Index (GRDI).Wolf Colony