(MENAFN) The value of Qatar's new infrastructure projects is expected to reach USD26.2 billion by the end of 2014, while the value of new projects across the GCC is expected to increase 77.8 percent compared to last year and to hit USD86 billion, The Peninsula Qatar reported.
During the April-June period, construction contractors in the GCC reported that the value of new projects in the UAE will increase to reach USD15.8 billion in 2014 compared to almost USD3 billion in 2013.
While Kuwait and Bahrain, which both had minimal contribution in 2013, are expected to witness ten-fold and eight-fold jump in 2014, and to reach in total value of projects to USD3.5 billion and USD3.4 billion, respectively.
Meanwhile, the value of new projects being constructed in Oman is expected to grow by 35 percent compared to last year, hitting USD7.4 billion, while Saudi Arabia is the only country expected to register a decrease in its total value of new projects, dropping 13 percent compared to last year and reaching USD29.3 billion.
Overall, the GCC construction market is valued at USD2.5 trillion, which includes both planned and ongoing projects, with Saudi Arabia still holding the highest market share with 44.3 percent, with projects valued at USD1.1 trillion, followed by the UAE in the second, with 30.3 percent share, and project value totaling to USD717.7 billion.
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