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Mon 23 Nov 2009 04:40 PM

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Gulf has $1.35tn worth of building projects underway

New research shows almost 3,400 civil building works currently active in the region.

Almost 3,400 civil building projects worth a total of $1.35 trillion are currently active in the Gulf region, new research published on Monday revealed.

The figures, released by the The Big 5 exhibition organisers, Streamline Marketing Group, painted a more positive picture of the regional construction industry which has been battling to shrug off the effects of the global economic crisis.

The report showed that the UAE led the way, with 1,853 civil building projects worth $661.4 billion currently under way across four sectors – commercial and retail, education and healthcare, leisure and entertainment, and residential.

The research carried out by Dubai-based Proleads also showed Saudi Arabia had 847 active projects valued at $417.8 billion.

The research also said that Kuwait currently has 160 active projects worth $142.7 billion, Qatar 186 projects valued at $48.2 billion, Bahrain 232 projects worth $40.2 billion, and Oman 116 projects valued at $38.5 billion.

Overall, the latest market analysis showed that a fraction under 75 percent of all announced projects in the region were still progressing.

“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.

Creating a platform for plant, machinery, construction vehicles and equipment suppliers to meet face to face with key buyers from across the region and overseas, the Big 5 PMV - part of the main show - has attracted 149 exhibitors from 20 countries including Italy, China, India and South Korea which each have national pavilions highlighting the strength of their presence.

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