DOHA: The value of ongoing urban construction projects across the GCC has exceeded the $1 trillion mark, according to new research.
New research commissioned by Middle East Stone and compiled by data analysts BNC found that projects in the Gulf region are worth a combined $1,097.9 billion, with buildings and urban developments accounting for more than half of that sum ($745.1 billion).
Across the GCC, more than 12,200 buildings are under construction ($448bn value), with a further 204 urban megaprojects ($297bn) also under way.
The report said that of 21 percent of planned projects in the GCC are on hold, valued at $494.9 billion.
The Middle East Stone event organisers said he Gulf is currently responsible for 92% of all stone-heavy urban construction projects across the whole of the Middle East and North Africa, accounting for 80 percent of the total value of all builds within the MENA region.
Now in its third year, Middle East Stone will unite some of the most influential natural stone, marble and granite exporter’s trade groups in the world in Dubai this May.
“Breaking through the $1 trillion mark may be the most obvious indication yet of just exactly how booming the construction market remains to be across the GCC,” said Yan Wang, Event Director at Middle East Stone.
“To have that scale of investment – across more than 16,000 infrastructure, hospitality, healthcare, retail and educational projects – is unprecedented. These builds rely on the world’s best stone, and Middle East Stone will provide those direct links and facilitate international business. The United Arab Emirates alone is the third largest importer of stone in the world, demonstrating again the nation’s huge potential for further growth.”
