Gulf region: 48% growth in the project sector during the past one year
The number of projects in the region has grown by 48 per cent in the last 12 months, according to MEED projects, which has just completed a full year of operations.
MEED projects provides information on some 1,400 projects in the GCC, Iran and Iraq totaling a value of over $674 billion.
Ayman Razek, General Manager of MEED projects, said: “With new projects announced every week to the tune of $4 billion, the saying ‘time is money’ has never been as valid as in the Middle East."
According to Razek, MEED projects is currently spending $4.6 million a year on research and development. Next year will also see the addition of detailed finance data for each listed project.
The UAE accounts for 31.57 per cent of the projects by value, worth $221.41 billion. Saudi Arabia accounts for 20.8 per cent, worth $146.14 billion. Qatar ranks third among the eight countries with projects valued at $102.6 billion, followed by Iran with $87.21 billion.
- Regional project values top $1 trillion
- Grand expectations: aiming to become the world's fastest growing economy, Iraq commits to $145 billion worth of oil projects
- This Gulf country is giving away $200 billion...just for construction projects!
- Qatar to award $200 billion of infrastructure projects in the next fifteen years
- The GCC is building one heck of a construction market with its $1.3 trillion value forecasted to grow