Construction boom tops US$2.4 trillion in Gulf projects
The construction boom in the Gulf region has reached new heights, with 2,837 projects estimated to be worth in excess of US$2.4 trillion now underway, the majority of development being carried out in Saudi Arabia and the UAE.
The phenomenal scale of current and planned projects across the GCC emerged today as the Big 5 PMV, a major new industry event launched on the back of huge Middle East construction growth, 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 US$120 billion.
This is followed by the US$86 billion Silk City Project in Kuwait and Dubailand in the UAE, valued at US$60 billion. The research also shows that, when additional developments currently at the early planning or concept stage are also taken into account, the Gulf countries account for a total of 3,519 projects worth US$ 2.527 trillion.
Massive development like this has turned the Middle East into the world’s biggest market for plant, construction vehicles, machinery and equipment, and the Big 5 PMV, taking place this week at Airport Expo Dubai, is giving manufacturers and suppliers a new window of opportunity to capitalise on the construction boom.