GCC projects to top US$ 1.35 trillion

The value of construction projects in the Gulf Co-operation Council (GCC) is expected to grow +73% in 2013, according to data released by the MEED Quality Awards for Projects, in association with Ernst & Young.

The value of contracts to be awarded this year is expected to reach US$ 1.35 trillion by year-end, a leap on the US$ 730 billion total of 2012.

Data from MEED shows that Saudi Arabia leads the region with close to US$ 600 billion projects to be awarded, followed by the UAE with slightly more than US$ 350 billion contracts and Kuwait with a little over US$ 150 billion. Qatar, Oman, and Bahrain are expected to total more than $250 billion in projects awarded this year.