How much is being spent on Gulf construction?

Is the crisis over?

With so many construction projects going on across the Gulf region, you'd be forgiven for wondering how much is being spent by the industry during these hard financial times, and at a period when the construction industry is facing difficulties.

According to figures released by the The Big 5 exhibition organisers, Streamline Marketing Group, it doesn't seem to be as bleak as we thought. With almost 3,400 building projects currently active in the region, the amount being spent is a stunning $1.35 trillion.

Leading the way in shaking off the effects of the economic downturn, the UAE has led the region green-lighting 1,853 civil building projects worth $661.4, across four sectors - commercial and retail, education and healthcare, leisure and entertainment, and residential.

In comparison, Saudi Arabia had 847 active projects valued at $417.8 billion, whilst Kuwait had 160 projects totalling $142.7 billion. Qatar followed up with 186 projects valued at $48.2 billion, Bahrain had 232 projects worth $40.2 billion while Oman had 116 projects valued at $38.5 billion.

The global downturn

Considering the number of projects that have been cancelled over past 48 months, it was revealed that 75 percent of all announced projects in the region were still progressing.

Dubai-based Proleads helped to carry out the research and according to director Emil Rademeyer, the figures are amazing considering what the sector has faced.

"While there is no getting away from the fact that a large number of major projects in the region are now on hold, or have been cancelled, as a result of the global downturn, the latest market research underlines the fact that there is still a massive amount of construction going on in the region," he said.

The Big 5 Exhibition is created with being a platform for suppliers of machinery, construction vehicles and equipment to meet with buyers from around the world. This year, the exhibition attracted 149 exhibitors from 20 countries including China, India, Italy and South Korea.

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