GCC has USD2tr worth of planned projects 

(MENAFN) GCC's planned and underway project have increased by 12 percent to USD2 trillion up-to-date, according to a recent research, Arabian Business reported.

Citi's MENA Construction Projects Tracker said all markets across the GCC had risen, mostly driven by new project announcements.

The study said that UAE's construction market has grown by 6 percent to USD614 billion, driven by the recently announced Dubai mega real estate projects.

In November, Dubai ruler Sheikh Mohammad Bin Rashid Al Maktoum announced plans to build a new multi-billion dollar city project called Mohammed Bin Rashid City.

In the same month, Dubai approved the development of a USD2.72 billion destination that will feature five distinct theme parks based on movies, animals and fun characters.

The report estimated the current preliminary stage projects in the Gulf state at USD199 billion, up 127 percent from Oct, driven by Sheikh Mohammed's announcement.

As for Saudi Arabia, its projects have grown by 19 percent to USD790 billion, remaining the top GCC market.

The report showed that Kuwait projects were up 16 percent to USD206 billion but were threatened by delays due to geo-political factors.

Qatar's planned projects are up six percent year-on-year to USD228 billion while growth in Bahrain has slowed to USD64 billion and Oman is up six percent to USD122 billion.