Monday, December 3, 2007

Gulf construction projects expected to reach 3 trillion dollars

from Deutsche Presse-Agentur (Germany)

The region's largest construction project currently in progress is Saudi Arabia's King Abdullah Economic City (KAEC), which is valued at 120 billion dollars ... Saudi Arabia spearheads the construction drive with projects worth in excess of 1.1 trillion dollars. The UAE ranks second with developments valued at 700 billion dollars, followed by Kuwait in third place at 300 billion dollars. However, in terms of total number of projects, the UAE has an edge over Saudi Arabia with 1,539 projects compared to the Kingdom's 1,033 projects ... 'This boom can be credited to the GCC governments' policy of investing their huge financial resources into the construction of premium residential, leisure and entertainment facilities for the residents as well as tourists,' said Proleads director Emil Rademeyer. Driven by the escalating cost of oil, currently hovering at just under 100 dollars a barrel, governments in the Gulf aim to diminish dependence on oil exports and invest their profits into developing the financial, industrial and tourism sectors.

No comments: