Amwal Al Ghad - 2013-01-13 07:57:38
Projects planned and underway across the Gulf region now total more than $2 trillion, up 12 percent on the year-earlier period, Citi's MENA Construction Projects Tracker revealed.
The report said all markets across the GCC had risen, mostly driven by new project announcements.
For the main markets in the Middle East and North Africa, the project pipeline was up five percent to $308 billion since October, the report said.
It added that the growth was driven by Iraq (up 29 percent), the UAE (up 15 percent) and Saudi Arabia (up four percent).
Early stage projects were up 17 percent to $655 billion over the same period, mostly driven by the UAE (up 127 percent).
Saudi Arabia's planned projects are up 19 percent, but has slowed, the report noted. Yet it remains the largest GCC market with projects totaling $790 billion.
"To some degree we would expect some slowing of growth given the size of the market," Citi said. More»