By Staff writer
More than $1 trillion to be spent on infrastructure programmes across entire Middle East
The UAE will spend $329bn on delivering major construction projects between now and 2030, according to a report from consultancy EC Harris.
These programmes, defined as those with a cost of $1bn or more and delivered over a short time frame, will peak in 2016 with $40.4bn being handed over, the research found.
Across the Middle East, more than $1 trillion will be splashed out on infrastructure, energy, property and transport projects over the same period of time, including $255bn in Saudi Arabia and $156.8bn in Qatar. The latter is due to host the 2022 FIFA World Cup, and the report highlighted potential labour shortages in the Gulf in the period running up to this event.
"The Middle East is experiencing unparalleled economic and social development due to the large volume of mega projects planned and underway,” commented Alistair Kirk, head of infrastructure, industry and utilities, Middle East, EC Harris.
“These programmes, particularly the more ambitious mega cities, are at the forefront of these enormous infrastructure developments which will bring diversification, foreign and domestic investment and job creation on an unparalleled scale.”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.
The state is enthusiastic and loves to take risks, no doubt, what Dubai has achieved, certainly leaves all the other countries in middle east way behind.
With all this huge infrastructure enhancements and making it an iconic place, I hope Dubai can also regulate its prices when it comes to everyday commodities and rents. It is understandable that business will increase but the benefiting ones will be the business men and not the people who work for them. The salaries level stays the same but everything goes up.