According to a study by Ventures ME, the construction sector in the GCC region is seen to grow by 13% to $65.5bn by the end of this year.
The total value of construction projects completed in the GCC in 2011 reached $46.52bn, a figure expected to jump this year by 71% to $79.75bn, the report said.
The UAE continues to have the largest share of the total GCC building construction market, accounting for almost half (48%), with Saudi Arabia taking a further third (33%) followed by Kuwait (8%), Qatar (6%), Oman (3%) and Bahrain (2%), the study said.
The hotel and hospitality sector is also set to see significant growth until the end of 2012, with project values set to treble to $7.3bn, up from $2.7bn in 2011.
“The hotel and hospitality sector is the biggest segment spender, with over 22.5% of total project cost allocated to interior contracting and fit-out projects – more than any other sector within the GCC’s building construction industry,” the report said.