The value of construction project contracts awarded this year in the GCC is forecast to increase by 71 percent, according to new research.
In 2011, construction projects to the value of $46.52bn were completed in the GCC, a figure expected to increase dramatically to $79.75bn in 2012, data released by Ventures ME said.
The research revealed that the UAE continues to garner the largest share of the total GCC construction market - accounting for almost half (48 percent).
Saudi Arabia was the second biggest market (33 percent) followed by Kuwait (8 percent), Qatar (6 percent), Oman (3 percent) and Bahrain (2 percent).
Ventures ME said the value of commercial real estate projects is set to almost double in 2012 to $15.3bn as the GCC continues to build its retail offering.
The hotel and hospitality sector will also witness enormous growth throughout 2012 with project values set to treble to $7.3bn.
This growth is a direct result of the increased demand for hotel space in the GCC where room revenues are set to reach $22bn in 2012 and expected to increase to $27bn by 2015, the research said.
The research was commissioned by dmg :: events, the organising team behind the INDEX International Design Exhibition which is due to take place in September in Dubai.
"One of the findings from the report is that GCC countries spend more money on average on interior contracting and fit-outs elements of a construction project than their counterparts in the US, Europe and Japan," said Naomi Barton, INDEX event director.
"The hotel and hospitality sector is the biggest segment spender, with over 22.5 percent of total project cost allocated to interior contracting and fit-out projects - more than any other sector within the GCC's building construction industry."
INDEX 2012 is set to attract over 900 exhibitors from 45 countries, she added.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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