São Paulo – Construction projects in the Gulf Cooperation Countries (an economic bloc comprised of Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Bahrain and Qatar) will amount to a combined US$ 72 billion by the end of this year.
The information is part of a survey commissioned from the UAE’s Ventures ME consulting firm by dmg events, the organizer of Index, the GCC’s leading decoration and design exhibition. The data have been released this Friday (28th) by the Arabian Business website.
According to the survey, expenditure this year will be up 7.7% from 2013. Spending on interior decoration alone should amount to US$ 7.84 billion.
Residential and commercial projects will have received the most investment by the end of 2014, at respectively US$ 30 billion and US$ 11.8 billion.
Construction projects for education and hospitality soared by 30% from 2013. Medical projects have also posted year-on-year growth.
Saudi Arabia and the United Arab Emirates have accounted for the lion’s share of projects, at respectively US$ 33.82 billion and US$ 21.28 billion. Projects amounted to US$ 9.06 billion in Qatar, US$ 3.79 billion in Kuwait, US$ 3.02 billion in Oman and US$ 1.05 billion in Bahrain.
*Translated by Gabriel Pomerancblum
