The Middle East has a $3.9tn (AED14.3tn) construction projects industry pipeline, according to a report by Build Well.
The construction project market continues to grow in the Middle East, driven by the development activities in Saudi Arabia, UAE, Oman, Qatar and Egypt, which represent the largest construction markets in the Middle East.
As of the first quarter of 2024, the construction project pipeline value in the UAE reached $590bn (AED2.16tn), or 15 per cent of the regional total, according to a recent report by Jones Lang LaSalle (JLL).
Middle East construction
Residential projects are projected to account for $125bn (21 per cent), while mixed-use projects represent $232bn (39 per cent).
In 2023, the number of awarded projects in the UAE reached $87bn compared to $31bn in 2022, demonstrating significant progress in the nation’s economic diversification and investment, it said.
According to the Middle East Economic Digest (MEED), the GCC alone has an astonishing projects pipeline in excess of $2.7tn, with Saudi Arabia comprising $1.5tn of this total.
Build Well, a provider of essential safety products for building projects, has bases in Lebanon and Kuwait, and has expanded its regional footprint with offices in Saudi Arabia, Qatar and the UAE as well as its global offices in the UK and the US.
Raji Maalouf, CEO of Build Well, said: “As the construction services business grows due to increased demand driven by infrastructure, housing and real estate sectors, Build Well has also expanded its operation in the GCC with multiple offices to cater to growing needs of high-quality, durable, cost-effective, green and sustainable products in the Middle East region”.
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