Construction

UAE projects value hits $545bn

Report finds that UAE and Kuwait push GCC project market index to $2.49trn

UAE’s revival and funding of new projects drives GCC project index.

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The UAE has recorded a significant growth in the value of projects, with a 1% increase to $545bn in the third quarter of this year, report said on Saturday.

According to MEED’s Gulf Project Index, the country, along with Kuwait, has helped to increase the GCC’s project market index by 0.2% to $2.49trillion as of the third quarter of 2012.

The strong growth of the UAE’s projects industry was attributed to the revival of three projects worth $960m, and the launch of three new projects worth a combined $230m.

Elsewhere in the region, Kuwait recorded the region’s highest rise in the value of its projects sector, with a 1.4% increase to $185.9bn. Oman continued its growth, as its projects sector rose to 12% compared to the same period in 2011.

Saudi Arabia, Bahrain and Qatar remained relatively steady, the report said.

In total, the Gulf Projects Index was up by 5% compared to the same period in 2011. Saudi Arabia is the region’s fastest growing projects market, reporting a 27.7% year-on-year growth.

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