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UAE ACCOUNTS FOR 37% OF GULF PROJECTS' VALUE: MEED.
DUBAI, April 1 Asia Pulse - Out of the total a staggering US$2 trillion worth of projects in the Gulf, the UAE remains the biggest projects market in the Gulf, accounting for 37 per cent of the total project value, accordinmg to Meed Projects.
The UAE, it said, has also registered the highest growth, with total project values in the federation rising by 46 per cent over the past 12 months. Kuwait has the highest proportion of unawarded contracts, representing over 90 per cent of all projects planned.
The MEED Projects index, which monitors investment within the construction, oil and gas, petrochemicals, power and water and waste sectors across the region, has risen in value by 40 per cent over the past 12 months, despite fears that rising construction costs would lead to significant slowdown in the number of new projects being launched.
Only a quarter of all projects tracked by MEED Projects are actually construction implying that there is another 3-5 years of further intensive construction activity to come.
There have been a series of major real estate projects announced in recent months, reinforcing the sector's dominance of the projects market and pushing the overall value beyond $2 trillion. ...
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Source: HighBeam Research, UAE ACCOUNTS FOR 37% OF GULF PROJECTS' VALUE: MEED.