GCC passes the trillion mark

The GCC's construction industry has eclipsed the US $1 trillion (AED 3.6 trillion) mark, according to a new report by Dubai-based research company, Proleads.

The GCC's construction industry has eclipsed the US $1 trillion (AED 3.6 trillion) mark, according to a new report by Dubai-based research company, Proleads.

Research found that there are now a total of 885 active civil buildings projects in the region, each with values of more than $10 million.

Construction covers commercial and residential buildings, educational establishments, healthcare facilities, cinemas, theatres, sports facilities, hotels and theme parks, along with mixed-use and retail developments.

With the addition of road and bridge projects, airports, ports, railways, canals, utility networks and reclamation schemes, Proleads estimates that the total number of projects underway is worth $1.25 trillion.

The UAE and Saudi Arabia take up the largest share of civil building development; in the UAE alone, there are 390 projects worth a combined $430 billion, while Saudi Arabia has 330 such projects valued at $409 billion.

There are more than 340 residential projects underway across the GCC, with a combined value of over $81 billion. Of this, the UAE's share is $59 billion.

The total number of commercial projects in the GCC currently stands at 144, and has a combined value of $17 billion.

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