GCC projects value above $1.3tn

Worth $1.3 trillion

According to MEED, the combined value of the 100 largest projects currently underway or completed in the last two years in the GCC (Gulf Cooperation Council) totals more than US$1.3 trillion.

The study was conducted by MEED, the Middle East's premier business intelligence provider, in alliance with its Quality Awards for Projects 2010, and also showed that the majority of the projects were going on in Saudi Arabia and the UAE, with each region hosting 31 and 35 projects respectfully.

In each country the study, titled "The GCC's Top 100 Projects", indicated that the real estate sector dominated despite the recent global recession.

Other sectors that saw a wealth of investment included transport, which across the GCC saw project values totalling US$164 billion. Oil and gas projects were valued at $131 billion

Speaking about the study, Edmund O'Sullivan, Chairman of the MEED Quality Awards for Projects said, "From the world's tallest building to the first zero-carbon city, the GCC region has over the past decade pushed the limits of what can be achieved in the built environment."

"Despite the financial crisis and slowdown in the global economy, the region continues to lead the world in the scale and ambition of its projects," he said.

Market value

Despite in June, reports that the GCC project market had fallen in value by 19 percent in the first sixth months of this year compared to the same period in 2009, the region has continued to thrive and grow.

About US$49 billion worth of contracts were awarded in the first half of 2010 compared with the US$60 billion worth of deals signed in the corresponding period last year, the report stated.

MEED stated earlier in the year, that the value of GCC projects could double during the second half of 2010, with Saudi Arabia constituting the bulk of spending at just over US$46 billion, followed by the UAE at nearly US$25 billion.

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Timon Singh

Timon Singh is a graduate of Liverpool University where he received a degree in Social and Economic History. He has previously worked for BBC Magazines on BBC Who Do You Think You Are? Magazine, the publication for the popular genealogy show.

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