FINANCIAL NEWS

USD1tr projects for GCC this decade

07 Mar 2012

(MENAFN) MEED Quality Awards for Projects 2012 said that by 2020, USD1 trillion worth of projects would be completed in the countries of the Gulf Cooperation Council (GCC), reported Gulf News.

MEED, an independent program established in 2011 to recognize project excellence, added that the amount would be the highest per capita construction spending in the world.

It also said that projects include important investments in oil and gas, heavy industry, electricity generation and water desalination, social infrastructure and transportation links that would be made between now and 2022.

Moreover, the mount includes projects worth USD106 billion in Qatar that are yet to be awarded.

It is worth noting that the MEED Quality Awards for Projects is the only awards program in the GCC to recognize finished projects, furthermore, it evaluates the outcome of the construction process, rather than the process itself.

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