Construction projects across all building sectors worth $128.46 billion are expected to be completed by the end of this year hitting a 92.06 percent increase compared to 2013 ($66.89 billion). The expected expenditure on interiors and fit-outs is $9.57 billion, 29.63 percent more than what was spent in 2013. The findings are part of a bi-annual study conducted by Ventures ME and revealed by dmg events to coincide with the INDEX exhibition, a MENA interior design trade show.

The research analyses both the building construction and the fit-out and interiors markets focusing on six main sectors — residential, commercial, hospitality, retail, educational, and medical — in each of the GCC countries.

Out of a total market worth $128.46 billion, the medical, residential and hospitality sectors will count for over half of the market with shares of 24.43 percent, 23.34 percent and 22.64 percent respectively. The three sectors leading the way will be followed by the commercial (12.51 percent), educational (5.86 percent) and retail (1.09 percent) sectors.

Compared to the previous year, the hospitality and medical sectors will register the biggest growth; the value of completed hospitality building projects is forecast to jump from $ 3.68 billion to $29.08 billion (+ 690.03 percent) whereas the value of completed buildings for medical use will go up by 725.19 percent to a value of $31.38 billion ($3.80 billion in 2013).

Saudi Arabia will be the country where most of the completed buildings will be located particularly in the residential ($34.39 billion), hospitality ($3.85 billion), commercial ($7.97 billion) and educational ($4.38 billion) sectors.

Qatar will register retail projects to be completed for a total value of $522 million moving up in the country’s ranking from the fifth position in 2013 to the top one.

The UAE will be at the high end of the rank when looking at the health care sector; out of a total market forecast to value $31.38 billion, the UAE will account for $ 3.13 billion — a remarkable difference when compared to the value of completed projects in 2013, $227 million.

Out of an overall estimated market value of $ 9.57 billion, the residential sector will be the largest spender with $3.30 billion (34.47 percent), followed by the hospitality sector with 20.24 percent of the market and $1.94 billion spent in value and the commercial sector with $1.77 billion (18.48 per cent).

When compared to 2013 figures, the sectors that are expected to register the highest increase will be hospitality, up 133.88 percent to $1.94 billion, and the medical sector that will almost double in value from $304 million to $607 million.

The Kingdom will rank in the top position when looking at the hospitality ($ 866 million), commercial ($876 million) and educational ($350 million) sectors. The health care and residential sectors will see the UAE at the top of the rank with $ 251 million and $1.31 billion respectively. Of the total $315 million estimated interiors and fit-out retail investment, Qatar will be the major spender with $117 million.

INDEX International Design Exhibition runs until at the Dubai World Trade Centre Thursday (May 22), bringing to the region the latest international innovations and trends in interior design and fit outs.