The GCC projects market index rose by 0.2 percent to $2.49 trillion as of the third quarter of 2012, driven by strong growth in the UAE and Kuwait projects market.
The growth of the projects industry in the GCC continues to have an impact on the overall development of the region. It is within this context that we established the awards to recognize quality projects and acknowledge their merits – to create a standard of projects that needs to be lived up to.
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 $960m, and the launch of three new projects worth a combined $230m.
Elsewhere in the region, Kuwait recorded the region’s biggest rise in the value of its projects sector, increasing 1.4 percent to $185.9 billion.
Oman continues its growth trend, with the value of its projects sector rising 12 percent compared with the same period in 2011; while Saudi Arabia, Bahrain and Qatar remained relatively steady. Overall, the Gulf Projects Index is up 5 percent compared to the same period in 2011. Saudi Arabia remains the region’s fastest growing projects market, reporting a 27.7 percent year-on-year growth.