The value of new infrastructure projects across the Gulf Cooperation Council (GCC) region is poised to hit $86 billion in 2014, up 77.8 per cent compared to last year, said a report.
Saudi Arabia continues to dominate the region with projects worth $1.1 trillion, thus netting the highest market shares of 44.3 per cent followed by the UAE which holds 30.3 per cent market share with projects valued at $717.7 billion, reported the Peninsula, citing data released by leading Middle East and North Africa (Mena) construction project tracker Ventures Onsite.
On Qatar, the report said the country has projects worth $270.1 billion, accounting for 11.2 per cent of the total construction market. The value of new infrastructure projects awarded in the country will hit $26.2 billion by the end of 2014, it stated.
According to the report, both Kuwait and Bahrain are expected to witness a major surge in the value of infrastructure projects this year. In Kuwait, the projects will grow ten-fold to hit $3.5 billion, while Bahrain’s project value will grow eight-fold to $3.4 billion.
Oman too will see a rise in the value of new projects. According to the report, the sultanate is likely to witness a 35 per cent year-on-year increase in the projects which will hit $7.4 billion in 2014.