Region remains one of the largest construction markets in the world despite global downturn
Figures from online project tracker, BNC Network, indicate that $723.61bn worth of projects, or 43%, in the Gulf region continue to be on hold.
However, the region remains one of the largest construction markets in the world, despite the global economic downturn, with the total value of construction projects in the region standing at $1.68trn, the data showed.
“Despite the economic slowdown caused by the global financial crisis in 2008-09, the Gulf region still remains one of the largest construction markets in the world after China where several large-scale projects are still on track,” said Ben D’Souza, chief operating officer of BNC Network.
Of the total, projects worth a total of $489.39bn are currently under construction, $81.45bn worth of projects are in the tendering phase, $125.12bn worth of projects are in design phase, while $265.25bn in projects are in the initial planning and concept phase,according to the report.
The UAE remains the largest construction project market, with the value of projects totalling $690.2bn. That includes $429.23bn worth of projects on hold, followed by Saudi Arabia where the total value of projects have exceeded $451.09bn, including $100.96bn worth of projects that are on hold, the report said.
Kuwait came in third with projects worth $195.99bn, of which $61.47bn are for projects that are currently on hold or cancelled, the data showed.