(MENAFN) According to a new report released by EC Harris, the global built asset consultancy firm, Qatar topped the list as the country with the highest construction cost in the Middle East, followed by the UAE and Saudi Arabia, Arabian Business reported.
The ARCADIS International Construction Cost study said that construction costs have been affected by currency fluctuations, commodity prices and increasing in demand for developments, though since Gulf currencies are closely tracking the US dollar, the impact of these fluctuations on Gulf countries has been limited
The report added that in the Gulf region, costs remain relatively modest despite high levels of investment in transport infrastructure, such as the USD200 billion GCC rail network, as well as Qatar's preparations for the FIFA World Cup in 2022 and Dubai for the World Expo in 2020.
"What remains to be seen is what impact the ongoing instability in the Middle East and recent weakness in oil prices will have on spending plans and, consequentially, pricing. The Gulf region is less impacted by fluctuations in global currencies as market constraints are driving inflation and price movements," the report said.r
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