Saudi, UAE lead $1.5-trillion Middle East construction market
Some 60 per cent of the $2.5 trillion worth of projects in the Middle East and North Africa region are taking place in the twin gulf powerhouses of Saudi Arabia and the United Arab Emirates, according to a new report.
The MENA Projects Tracker published by Citi states that GCC countries are responsible for almost 90 per cent of the projects being built by value, with 60 per cent of those in Saudi Arabia and the UAE.
It added that major construction and infrastructure projects made up a relatively smaller share of work in other countries, except in Jordan where a spate of building is underway that cost 130 per cent of its current GDP.
The report classes $1.4 trillion of this $2.5 trillion as currently being built, while a further $600 billion is at a “relatively advanced” stage of development and the remaining $500 billion being early-stage projects.
The bulk of projects under development (just over $1 trillion) is being spent on real estate projects – be they office, residential or leisure. Infrastructure ($812 billion), oil & gas ($376 billion) and Power & Water ($298 billion) make up the other major spending areas, although priorities vary from country to country, according to the report’s author, Farek Soussa.
“For example, there is a heavy bias in the UAE towards real estate projects, while infrastructure projects dominate in Qatar. The oil & gas sector is of greatest significance in Algeria, while Jordan is spending most on power and water,” he said.
In terms of country spending, Saudi Arabia leads the way with $784 billion worth of projects, followed by the UAE with $669 million.
Qatar is third with $273 billion, Kuwait fourth with $249 billion and Egypt fifth with $143 billion of projects under development. It is also the only non-GCC country with more than $100 billion of active projects.
Some 60 per cent of the $2.5 trillion worth of projects in the Middle East and North Africa region are taking place in the twin gulf powerhouses of Saudi Arabia and the United Arab Emirates, according to a new report. The MENA Projects Tracker published by Citi states that GCC countries are responsible for almost 90 per cent of the projects being built by value, with 60 per cent of those in Saudi Arabia and the UAE. It added that major construction and infrastructure projects made up a relatively smaller share of work in other countries, except in Jordan where...
Some 60 per cent of the $2.5 trillion worth of projects in the Middle East and North Africa region are taking place in the twin gulf powerhouses of Saudi Arabia and the United Arab Emirates, according to a new report.
The MENA Projects Tracker published by Citi states that GCC countries are responsible for almost 90 per cent of the projects being built by value, with 60 per cent of those in Saudi Arabia and the UAE.
It added that major construction and infrastructure projects made up a relatively smaller share of work in other countries, except in Jordan where a spate of building is underway that cost 130 per cent of its current GDP.
The report classes $1.4 trillion of this $2.5 trillion as currently being built, while a further $600 billion is at a “relatively advanced” stage of development and the remaining $500 billion being early-stage projects.
The bulk of projects under development (just over $1 trillion) is being spent on real estate projects – be they office, residential or leisure. Infrastructure ($812 billion), oil & gas ($376 billion) and Power & Water ($298 billion) make up the other major spending areas, although priorities vary from country to country, according to the report’s author, Farek Soussa.
“For example, there is a heavy bias in the UAE towards real estate projects, while infrastructure projects dominate in Qatar. The oil & gas sector is of greatest significance in Algeria, while Jordan is spending most on power and water,” he said.
In terms of country spending, Saudi Arabia leads the way with $784 billion worth of projects, followed by the UAE with $669 million.
Qatar is third with $273 billion, Kuwait fourth with $249 billion and Egypt fifth with $143 billion of projects under development. It is also the only non-GCC country with more than $100 billion of active projects.
