UAE projects value hits $545b

The UAE records a significant growth in value of projects, showing around one per cent increase to $545 billion in the third quarter.
The country along with Kuwait also helps increase the GCC projects market index by 0.2 per cent to $2.49 trillion as of the third quarter of 2012, says a report on Saturday.

According to MEED’s Gulf Projects Index, a comprehensive and up-to-date tracking system of projects that are either underway or planned throughout the region, the strong growth in the UAE’s projects industry was attributed to the revival of three projects worth $960 million, and the launch of three new projects worth a combined $230 million.

Elsewhere in the region, Kuwait recorded the region’s biggest rise in the value of its projects sector, increasing 1.4 per cent to $185.9 billion. Oman continues its growth trend, with the value of its projects sector rising 12 per cent compared with the same period in 2011; while Saudi Arabia, Bahrain and Qatar remained relatively steady.

Overall, the Gulf Projects Index is up five per cent compared to the same period in 2011. Saudi Arabia remains the region’s fastest growing projects market, reporting a 27.7 per cent year-on-year growth.
“The growth of the projects industry in the GCC continues to have an impact on the overall development of the region,” said Edmund O’Sullivan, chairman of the judging panel of the 2013 MEED Quality Awards for Projects.

© Khaleej Times 2012, Oct 14 2012