Trillion dollar market
By Richard High27 February 2008
More than US$ 1 trillion worth of real estate projects are underway in the Arabian Gulf, according to Dubai–based research 'consultancy Proleads. It says there are 885 active building sites in Saudi Arabia and its five Gulf neighbours – Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates – each with a value of at least US$ 10 million. The largest five projects have a combined value of US$ 358 billion.
If supporting infrastructure – bridges, roads, reclamation schemes, airports, ports, railways, canals and utility networks – were included the total number of projects would reach 1654, with a combined value of US$ 1.25 trillion, Proleads said.
According to Proleads' estimate the largest project in the six countries, the King Abdullah Economic City in Saudi Arabia, which has tripled in size to 168 million m2, is worth US$ 120 billion.