According to BNC Network’s GCC Construction Analytics report, GCC countries has 22,680 active construction projects with the worth of $2.43tn where the urban construction sector has the highest number of projects (17,912), with their value estimated at $1.21tn.
While utility projects number is (1,701), transport (1,421), industrial (1,289), and oil and gas (355).
The total value of gas and oil projects amounts to $337bn, whilst industrial projects worth $178.6bn are underway in the region.
A total of 69 projects, with a combined estimated value of $82.85bn, were announced in the GCC in the third quarter of 2017.
Iconic developments were launched in the third quarter of 2017 as well which include the $25bn (SAR93.7bn) Al Faisaliya City in Makkah, the $6.5bn (AED24bn) Aljada Residential City in Sharjah, and the $5.6bn (OMR2.1bn) Oman-India Multipurpose Pipeline in Muscat.
It is worth mentioning that the number of active projects in the GCC increased by 2% in October when compared to September.
“Clearly, the GCC governments are investing their current oil wealth and resources to build a better future that will serve the future generations,” Avin Gidwani, the chief executive officer of BNC Network commented.