(MENAFN- Khaleej Times) Completed projects to leap by 92.
construction projects across all building sectors worth $128.46 billion are expected to be completed by end of this year hitting a 92.06 per cent increase compared to 2013 a recent study has found.
the expected expenditure on interiors and fit-outs is $9.57 billion 29.63 per cent more than what was spent in 2013. the findings are part of a bi-annual study conducted by ventures me and revealed by dmg events for the inauguration of the index exhibition in dubai. the research analyses both the building construction and the fit-out and interiors markets focusing on six main sectors — residential commercial hospitality retail educational and medical — in each of the gcc countries.
out of a total market worth $128.46 billion the medical residential and hospitality sectors will count for over half of the market with shares of 24.43 per cent 23.34 per cent and 22.64 per cent respectively. these will be followed by the commercial (12.51 per cent) educational (5.86 per cent) and retail (1.09 per cent) sectors.
compared to the previous year the hospitality and medical sectors will register the biggest growth; the value of completed hospitality building projects is forecasted to jump from $3.68 billion to $29.08 billion whereas the value of completed buildings for medical use will go up of 725.19 per cent to a value of $31.38 billion ($3.80 billion in 2013).
the uae will be at the high end of the rankings when looking at the healthcare sector; out of a total market forecasted to value $31.38 billion the uae will account for $3.13 billion compared to the value of completed projects in 2013 at $227 million.
saudi arabia will be the country where most of the completed buildings will be located particularly in the residential ($34.39 billion) hospitality ($3.85 billion) commercial ($7.97 billion) and educational ($4.38 billion) sectors. qatar will register retail projects to be completed for a total value of $522 million moving up in the country’s ranking from the fifth position in 2013 to no. 1.
out of an overall estimated market value of $9.57 billion the residential sector will be the largest spender with $3.30 billion followed by the hospitality sector with 20.24 per cent of the market and $1.94 billion spent in value and the commercial sector with $1.77 billion. when compared to 2013 figures the sectors that are expected to register the highest increase will be hospitality up 133.88 per cent to $1.94 billion and the medical sector that will almost double in value from $304 million to $607 million.
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