GCC has USD1.68tr worth of projects despite global downturn
(MENAFN) The estimated total value of construction projects in the Gulf Cooperation Council countries hit USD1.68 trillion by August-end, defying the ongoing tough economic environment, BNC Network said in a report.
According to the report, USD489.39 billion worth of projects are under construction, USD81.45 billion worth of projects are in the tendering phase, USD125.12 billion worth of projects are in design phase and USD265.25 billion worth of projects are in the initial planning and concept phase.
The report noted that about USD723.61 billion worth of projects, the largest category of projects, are still on hold.
The UAE remained the biggest construction project market, with projects worth USD690.2 billion, which includes USD429.23 billion worth of projects on hold.
Saudi Arabia came second with projects worth more than USD451.09 billion, including USD100.96 billion worth of projects that are on hold.
Kuwait came third with projects worth USD195.99 billion, including USD61.47 billion worth of projects on hold or cancelled, followed by Qatar with projects worth more than USD171 billion of which USD69.14 billion worth of projects are on hold.
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