Projects amounting to much
Research company Proleads reports figure of $1 trillion has been reached by developments in the region.
Construction projects underway in GCC countries now tops US $1 trillion (AED3.7 trillion), according to industry data from Dubai-based research firm Proleads.
There are currently 885 active projects in the region, with the largest percentage accounted for by the UAE and Saudi Arabia. The 390 projects under development in the UAE have a combined value of about $430 billion. A total of 330 projects are underway in Saudi Arabia at a combined value of more than $409 billion.
The top three active civil projects in the GCC are the $120 billion King Abdullah Economic City in Saudi Arabia, followed by the proposed $86 billion Silk City project in Kuwait and Dubai Investment's $60 billion Dubailand development.
The Cityscape Dubai 2007 exhibition in October saw a number of announcements for new projects region-wide, adding to the existing figures. Al Qudra Real Estate launched Ain Al Faydah, a healthcare and leisure community that will be located at the base of Jebel Hafeet in Al Ain.
Rakeen announced its $1.8 billion man-made Al Marjan Island that will be constructed off the coast of Ras Al Khaimah. Limitless meanwhile unveiled further details of its flagship Downtown Jebel Ali project in Dubai. Two individually themed plazas were showcased at the event, each comprising of transport, retail and entertainment facilities. The buildings will be designed to meet the US Green Building Council's Leadership in Energy and Environmental Design (LEED) rating system.
Further project launches in the Emirates included Flamingo Creek, a mixed-use development by National Properties that will be sited in Ras Al Khor. Al Odaid launched three mixed-use towers in Abu Dhabi: Oryx Towers, Falcon Tower and Palm Tower. Tameer's flagship project on Shams Al Reem Island, Tameer Towers, was also launched on the Abu Dhabi market at the event.
Tameer Holding, meanwhile, unveiled its Madinat Al Majd project set to be built in Jordan.