An impending infrastructure 'explosion': GCC construction sector to hit $86 billion in 2014

Published September 23rd, 2014 - 04:55 GMT
Both Kuwait and Bahrain are expected to witness a major surge in the value of infrastructure projects this year, according to the report
Both Kuwait and Bahrain are expected to witness a major surge in the value of infrastructure projects this year, according to the report

The value of new infrastructure projects across the Gulf Cooperation Council (GCC) region is poised to hit $86 billion in 2014, up 77.8 per cent compared to last year, said a report.

Saudi Arabia continues to dominate the region with projects worth $1.1 trillion, thus netting the highest market share of 44.3 per cent followed by the UAE which holds 30.3per cent market share with projects valued at $717.7 billion, reported The Peninsula, citing data released by leading Middle East and North Africa (Mena) construction project tracker Ventures Onsite.

On Qatar, the report said the country has projects worth $270.1 billion, accounting for 11.2 per cent of the total construction market. The value of new infrastructure projects awarded in the country will hit $26.2 billion by the end of 2014, it stated.

Both Kuwait and Bahrain are expected to witness a major surge in the value of infrastructure projects this year, according to the report.

In Kuwait, the projects will grow ten-fold to hit $3.5 billion, while Bahrain's project value will grow eight-fold to $3.4 billion.

Oman too will see a rise in the value of new infrastructure projects, and is likely to witness a 35-per-cent year-on-year increase in the projects which will hit $7.4 billion in 2014, it added.

 

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