DUBAI, 21 October 2007 — The Gulf real estate construction boom has broken through the $1 trillion mark, data from Dubai-based research company Proleads revealed. There are now a total of 885 active civil buildings projects in the region, each with values of more than $10 million, it said.
The scale of new development in the GCC countries comprising Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and UAE is impressive by any standard. The total value of these projects alone is in excess of $1 trillion — covering all forms of buildings in the commercial and residential sectors and including educational establishments, health care facilities, cinemas, theaters, sports facilities, hotels and theme parks as well as mixed-use and retail developments, the report said.
Active projects in this case refer to those that are in some form of planning, study, design, bidding or construction — not simply concepts — and do not include those already completed.
The top five active civil projects in the GCC with a total combined value of $358 billion are: The $120 billion King Abdullah Economic City in Saudi Arabia, Kuwait’s $86 billion Silk City project, Dubai Investment’s $60 billion Dubailand, the $53 billion Prince Abdulaziz Bin Mousaed Economic City in Hail, Saudi Arabia and Abu Dhabi’s $39 billion Yas Island development.