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FINANCIAL NEWS
GCC projects market value hits USD2.7t
02 Dec 2014
(MENAFN) According to MEED Projects, the GCC currently has USD2.7 trillion worth of projects being planned or underway in the Gulf Cooperation Council (GCC), as these countries continue to work on diversifying their economy away from being an oil-based economy, Gulf Times reported.
Between these countries, Qatar’s active project market is estimated to have reached USD285 billion in its worth, mostly driven by FIFA 2022 and Qatar National Vision 2030.
Qatar has been heavily investing in its transportation and shipping infrastructure, including the construction of the Hamad International Airport, the New Doha Port and several mega cities such as Lusail and Msheireb.
In addition to these projects, the country has been investing in its railway network project, which is estimated to be worth USD35bn and involves plans to extend shipping railways by 325 kilometer as well as connect the country’s rail networks to those of the other Gulf countries.
“Although much of this has been attributed to its successful bid to stage the FIFA 2022 football World Cup, the reality is that the projects planned and under way are more about meeting the country’s National Vision 2030 than hosting the international sporting event,” Meed Projects said.
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