Sunday, 30 March 2008

Gulf Projects touch 2 trillon Dollar - Meed

The MEED Projects index estimated that Gulf has reached a staggering $2 trillion worth of projects. The UAE remains the biggest projects market in the Gulf, accounting for 37% of the total project value. It has also registered the highest growth, with total project values in the federation rising by 46% over the past 12 months. Kuwait has the highest proportion of unawarded contracts, representing over 90% of all projects planned.

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. Major new real estate projects include; Sudair Industrial City in Saudi Arabia at $40bn, Masdar City, Abu Dhabi - $22bn, Dilmunia mixed use development in Bahrain worth $4.2bn and Limitless’ Al-Wasl development in Riyadh at $12bn.

MEED Projects current value of investment in the Gulf by sector:

1. Construction = $1,207 billion
2. Industry = $70 billion
3. Oil & Gas = $430 billion
4. Petrochemicals = $135 billion
5. Power = $134 billion
6. Water & Waste = $40 billion