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Real estate projects worth US $607.4 billion (AED2.2 trillion) are to be implemented in the UAE over the next few years, according to the International Monetary Fund (IMF).
A study released by the IMF shows GCC countries plan to carry out projects worth a total of $918 billion in oil and gas, petrochemicals, real estate and infrastructure.
This huge value accounts to nearly 42% of all major projects to be implemented in the GCC as part of a strategy to move away from their oil-reliant economy.
“The investment profile of GCC countries reflect country-specific diversification strategies, although projects are generally geared toward addressing supply bottlenecks, diversification and employment generation,” the IMF said.
“With the emergence of inflation as the main short-term macro-economic challenge, large investments are being channelled into the housing and infrastructure sectors to reduce supply bottlenecks and expand capacity.”
The report showed that the main focus of the UAE is the real estate sector, but other sectors are also getting huge investments, like infrastructure and oil and gas.
The total amount for GCC projects stands at $2.193 billion, including nearly $960 billion for real estate, $430 billion for infrastructure, $421 billion for oil and gas, $175 billion for electricity and water, around $142 billion for petrochemicals and $65 billion for industry.
The report said Saudi Arabia’s planned investments totalled $632 billion, Kuwait’s were worth $270 billion, Qatar’s $214 billion, Oman’s $114 billion and Bahrain’s $44 billion.
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