Completed projects in GCC for 2014 to hit $72bn

Construction projects in the GCC worth $72bn are forecasted to be completed by the end of the year.

The figure is a 7.7% increase from 2013 according to Ventures ME research commissioned by dmg events, organiser of INDEX and workspace at INDEX exhibitions.

As a result, it is expected that investment in the interiors and fit outs markets will also reach $7.84bn at the same year end.

The residential and commercial sectors, with $30bn and $11.8bn worth of construction projects expected to be completed by 2014, remain the most buoyant sector; followed by the educational, hospitality that jumped up by 30% from 2013 and the medical sectors.

The Kingdom of Saudi Arabia ($33.82bn) and the UAE ($21.28bn) continue to command the largest market shares in terms of projects due for completion during 2014 followed by Qatar ($9.06bn), Kuwait ($3.79bn), Oman ($3.02bn) and Bahrain ($1.05bn).