Gulf real estate development breaks through $1 trillion

Click here: Zawya.com – Gulf real estate development breaks through $1 trillion

The Arabian Gulf real estate construction boom has broken through the $1 trillion mark, according to the most up-to-date industry intelligence on current active projects in the region.The sheer scale of new development in the GCC countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates is impressive by any standard. According to data from Dubai-based research company Proleads, there are now a total of 885 active civil buildings projects in the region, each with values of more than $10 million.

The total value of these projects alone is in excess of $1 trillion covering all forms of buildings in the commercial and residential sectors and including educational establishments, healthcare facilities, cinemas, theatres, sports facilities, hotels and theme parks as well as mixed use and retail developments.Active projects in this case refer to those that are in some form of planning, study, design, bidding or construction – not simply concepts – and do not include those already completed.This latest assessment of the building boom in the Arabian Gulf comes as Cityscape, the world’s biggest business-to-business real estate show, takes place in Dubai, United Arab Emirates.

The top five active civil projects in the GCC with a total combined value of $358 billion are:

# The $120 billion King Abdullah Economic City in Saudi Arabia

# Kuwait’s $86 billion Silk City project

# Dubai Investment’s $60 billion Dubailand

# The $53 billion Prince Abdulaziz Bin Mousaed Economic City in Hail, Saudi Arabia

# Abu Dhabi’s $39 billion Yas Island development

The Proleads data is even more impressive if all other forms of related civil construction are added, including roads and bridges, reclamation schemes, airports, ports, railways, canals and utility networks. The total number of regional projects then rises to a huge 1,654 and a staggering total combined value of more than $1.25 trillion.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: