GCC working on 23,000 construction projects worth $2.4tn
Up to 22,680 construction schemes are active in the Gulf region as of November 2016, a recently released report has shown
The GCC has 22,680 active construction projects worth $2.43tn, figures revealed by a report this November showed.
BNC Network's GCC Construction Analytics report revealed that the urban construction sector has the highest number of projects (17,912), with their value estimated at $1.21tn.
Additionally, utility (1,701), transport (1,421), industrial (1,289), and oil and gas (355) projects are also being implemented across the region.
Transport projects in the region have a combined value of $387.6bn, while utility projects are valued at $313bn.
The value of oil and gas projects amounts to $337bn, whilst industrial projects worth $178.6bn are underway in the region.
In the third quarter of 2017, 269 projects, with a combined estimated value of $82.85bn, were announced in the GCC.
Notable developments launched in Q3 2017 include the $25bn (SAR93.7bn) Al Faisaliya City in Makkah, the $6.5bn (AED24bn) Aljada Residential City in Sharjah, and the $5.6bn (OMR2.1bn) Oman-India Multipurpose Pipeline in Muscat.
In October, the number of active projects in the GCC increased by 2% compared to September 2017, and the total estimated value of these projects increased by 1%.
A total of 142 active projects, with a combined estimated value of $10.4bn, moved to construction from other stages during the month.
Meanwhile, 670 active projects with a combined estimated value of $15.2bn were completed in October.
Commenting on these findings, Avin Gidwani, the chief executive officer of BNC Network, said: "Clearly, the [GCC] governments are investing their current oil wealth and resources to build a better future that will serve the future generations.
"The re-modelling of Dubai's and the UAE's economies has, to a certain extent, inspired the rest of the countries.
"Most of the Middle East’s construction and development activities are concentrated in the Gulf as [regional] governments are spending their resources in time to diversify the economy by developing the infrastructure, housing, and commercial real estate to build strong national economies and preparing the economies for the post-oil era," Gidwani added.