GCC's 26,000 construction projects valued at $2.5tn in June 2019
BNC Network report says Saudi Arabia, UAE in the lead as GCC's 13,927 urban construction projects hit $308.3bn
More than 26,000 construction projects worth $2.5tn (AED9.25tn) are under way in the GCC, according to the June 2019 issue of BNC Network's report, BNC Projects Journal.
Saudi Arabia leads the GCC in terms of the total value of construction projects, with developments worth $895.8bn (SAR3.3tn), and is followed on the list by the UAE's construction projects worth $830.6bn (AED3tn).
The total value of urban construction projects in the GCC exceeds $1.12tn according to the report, with developments in the UAE valued at $476.5bn (AED1.75tn), followed by Saudi Arabia's $406.2bn (SAR1.5tn) of urban construction schemes.
The value of the 13,927 urban construction projects in the GCC reached $308.3bn in June 2019, with 4,980 developments – worth $256.1bn – in the concept, design, and tender phases.
May 2019 was an equally busy month for the region, according to the report, which stated: “Even though the Holy Month of Ramadan saw activity slow down, the UAE led project announcements in the GCC, which are estimated at a healthy $17bn for May 2019.”
Commenting on the findings, BNC Network’s chief executive officer, Avin Gidwani, said the UAE and Saudi Arabia were “pulling out all the stops” in terms of construction.
He added: “The GCC is working on building bridges economically, digitally, and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress.”