Projects worth more than $2 trillion (Dh7.34trn) have been announced or are under construction in the Gulf Arab countries that form the world’s largest oil-exporting region, Middle East Economic Digest said on Sunday.
Economies of Saudi Arabia, the UAE, Qatar and three other oil producers have surged on a five-fold rise in oil prices since 2002, and states are investing windfall oil revenues to develop everything from infrastructure to power.
Projects – which tracks project announcements in the construction, industry, oil and gas, petrochemicals, power, and water and waste sectors – said total projects in the Gulf now exceed $2trn in value, 40 per cent more than a year ago.
The project boom has happened “despite fears that rising construction costs would lead to a significant slowdown in the number of new projects being launched”, said in a statement.
It added only about a quarter of the projects were now being built. More than $1.2trn of these projects are in the construction sector, followed by the oil and gas sector at $430bn, MEED said.
The UAE accounts for 37 per cent of total Gulf projects, it added.
The Government of Abu Dhabi and private investors will invest about $163.4bn in realty by 2030. (Reuters)
GCC projects at $2trn