Figures released by Dubai-based Proleads show that 3,398 civil building projects worth US$1.35 trillion are currently active in the Gulf region and paint a more positive picture of the regional construction industry which has been battling to shrug off the effects of the global economic crisis.
The UAE leads the way, with 1,853 civil building projects worth a total of US$661,443 billion currently under way across four sectors – commercial and retail, education and healthcare, leisure and entertainment, and residential. Saudi Arabia has 847 active projects valued at US$417,859 billion.
Kuwait currently has 160 active projects worth US$142,759 billion, Qatar 186 projects valued at US$48,215 billion, Bahrain 232 projects worth US$40,258 billion, and Oman 116 projects valued at US$38,512 billion.
Overall, the latest market analysis shows that a fraction under 75 per cent of all announced projects in the region are still progressing, representing a much more optimistic outlook at the start of an important week for the regional construction industry.
“While there is no getting away from the fact that a large number of major projects in the region are now on hold, or have been cancelled, as a result of the global downturn, the latest market research underlines the fact that there is still a massive amount of construction going on in the region,” said Emil Rademeyer, director, Proleads.