GCC’s construction spending hits USD72b in 2014
23 Nov 2014
(MENAFN) GCC total spending on construction projects during this year is expected to register an increase by 7.7 percent rise to reach USD72 billion, with the residential and commercial sectors accounting for USD30 billion and USD11.8 billion worth of construction projects, respectively, Khaleej Times reported.
In term of countries, Saudi Arabia and the UAE continued to command the largest market shares in terms of projects due for completion during 2014, with total value of projects estimated at USD33.8 billion and USD21.28 billion respectively, followed by Qatar with USD9.06 billion, followed by Kuwait USD3.79 billion, Oman USD3.02 billion and Bahrain USD1.05 billion.
The residential sector is the biggest sector in terms of spending, with Saudi Arabia remaining the largest market with an estimated USD13.61 billion worth of residential units to be completed, then UAE with USD11.83 billion takes the second place for spending on residential projects, while Kuwait is expected to double its spending from USD60 million in 2013 to USD160 million in 2014.
The GCC commercial market is the second largest sector in terms of project completions after the residential sector completed with projects worth USD11.7 billion likely to be completed over 2014, while the Tourism sector continues to be the most promising in terms of growth in the GCC countries, with the region working on projects in the sector worth USD4.8 billion, an increase by 30 percent compared with 2013 due to be completed across the region.