São Paulo – Construction industry projects across the Gulf Cooperation Council (GCC) had exceeded USD 2.52 trillion by the end of June, according to a survey released this Tuesday (2) by BNC Construction Intelligence, a research company specializing in the Middle East and North Africa building industry. The GCC comprises Oman, UAE, Saudi Arabia, Kuwait, Bahrain and Qatar.
There are over 26,000 projects at different stages of progress underway in the region. Saudi Arabia tops the list at USD 895.8 billion, followed by the UAE at USD 830.6 billion. These figures include projects in the planning, development, tendering and execution stages.
“While America systematically isolates itself from its immediate neighbours, China, and Europe, the GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress,” BNC Network CEO Avin Gidwani was quoted in a press release as saying.
Total urban construction projects exceeded USD 1.12 trillion in June. Here, the UAE are number one at USD 476.5 billion, followed by Saudi Arabia at USD 406.2 billion.
May saw USD 5.3 billion in new projects and USD 1.7 billion in concession contracts announced, while completed projects came out to USD 9 billion.
The value of completed projects in May was relatively high, at nearly USD 19 billion. The UAE was home to USD 7.7 billion of those. In Kuwait and Qatar, major project completions included delivery of the 36 km-long Sheikh Jaber Al Ahmad Al Sabah Causeway Main Link, in Kuwait, worth USD 2.4 billion; and two Doha Metro Red Line projects amounting to USD 2.8 billion.
The combined value of the 13,927 ongoing urban construction projects across the GCC hit USD 308.3 billion in June. Urban construction projects in concept, design and tender stages number at 4,980, with a combined value of USD 256.1 billion.
Translated by Gabriel Pomerancblum
