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FINANCIAL NEWS
Value of 2012’s construction deals in GCC to soar 71%
30 Jul 2012
(MENAFN) Ventures ME stated in a new research that in 2012, construction project deals awarded in the Gulf Cooperation Council (GCC) countries will surge by 71 percent in terms of value, reported Arabian Business.
The value of construction contracts is expected to reach USD79.75 billion during the current year, up from USD46.52 billion awarded last year.
The research showed that the value of commercial real estate projects in the GCC is forecasted to grow to USD15.3 billion; moreover, the value of projects related to the hotel and hospitality sector will surge to USD7.3 billion.
It is worth noting that the UAE captures the beigest share of the total GCC construction market, with around 48 percent, followed by Saudi, with a share of 33 percent, while Kuwait’s share is 8 percent, Qatar’s 6 percent, Oman at 3 percent and Bahrain with a 2-percent share.
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