GCC projects worth $72bn to complete this year
Value of completed projects likely to rise by 6.5% compared to the $67.6bn of work done in 2014
Around $172bn of projects are set to complete in the GCC in 2015, according to new research produced by Ventures Middle East for the Index interiors trade show.
Ventures Middle East said that projects with a value of $67.6bn completed in 2014, and that this is set to grow by 6.5% in 2015 to $72bn and by 21.2% to $103bn in 2016.
The residential market saw most work completed in 2014. Its market size was $28bn - more than double the $11.46bn of commercial projects completed. There were also $7.13bn of education projects that were finished.
For 2015, the main growth sector is expected to be healthcare, with $7.1bn of projects expected to finish this year. This is 91% higher than the $3.72bn registered in 2014. The bulk of this will be in Qatar.
The value of the GCC's interior contracting and fit-out market in 2014 was US$7.35bn. Around 43% of this work was in Saudi Arabia ($3.4bn), with the UAE representing 31% of the market ($2.1bn).
Healthcare fit-outs are set to increase in value by 91.6% in 2015 to $569m but spending on schools fit-outs will fall by almost 14% to $492m.
Frederique Maurell, group event director for INDEX, said: “For 2014, we’ve seen KSA, the UAE and Qatar doing particularly well. Looking ahead to 2015, the forecast for both awarded and completed projects shows further increases again with particularly exciting times ahead for the residential and commercial sectors.”