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FINANCIAL NEWS
UAE to spend USD329 b on major building projects by 2030
19 Nov 2013
(MENAFN) The UAE is to spend USD329 billion on delivering major construction projects between now and 2030, according to a report from consultancy EC Harris, Arabian Business reported.
These programs, defined as those with a cost of USD1 billion or more and delivered over a short time frame, will peak in 2016 with USD40.4 billion being handed over, the research found.
Across the Middle East, more than USD1 trillion will be splashed out on infrastructure, energy, property and transport projects over the same period of time, including USD255 billion in Saudi Arabia and USD156.8bn in Qatar. The latter is due to host the 2022 FIFA World Cup, and the report highlighted potential labour shortages in the Gulf in the period running up to this event.
“The Middle East is experiencing unparalleled economic and social development due to the large volume of mega projects planned and underway,” commented Alistair Kirk, head of infrastructure, industry and utilities, Middle East, EC Harris.
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