GCC construction total more than $2trn
Projects currently under construction in the Gulf Cooperation Council (GCC) amount to $2.4trn.
The construction projects also include transport and energy infrastructures, according to Deloitte’s GCC Powers of Construction 2017 report.
Construction projects total $1trn, making it the largest sector, whilst transports accounts for $447bn, and power and energy projects make $224bn, Deloitte sourced from MEED Projects.
It is believed that Expo 2020 is a huge drive for construction investment, as the industry is led by the UAE market.
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Dubai is considered the GCC’s “bright spot” for construction, which is solidified by the nation’s 2018 budget.
The UAE has designated 21% of its capital to infrastructure projects in the lead up to its exposition.
In the country’s capital city, Abu Dhabi, two large-scale projects are set to come back online following delays – the Abu Dhabi Metro and Etihad Rail.
Saudi Arabia is currently aiming to boost its gross domestic product (GDP) contribution to 65%, as well as to privatise more projects or deliver them through public-private partnerships (PPP).
The nation is also targeting to build 10,000 new homes in a period of seven years.
Kuwait also wants to develop more projects through PPP, and has a metro system project underway, costing $7bn, and 35,000 housing units at the value of $14bn.