DUBAI, 18 October 2005 — The United Arab Emirates (UAE) dominates the Gulf construction sector with projects under construction in 2005 worth $35.5 billion, accounting for 63.7 percent of the total value of projects under construction in the Gulf Cooperation Council (GCC) states, the local news agency WAM reported yesterday.
Saudi Arabia occupies the second slot with $7.8 billion, with Qatar in third place with $4.5 billion followed by Kuwait with 3.4 billion, Bahrain with 2 billion and Oman with $1.3 billion, according to a study commissioned by the Abu Dhabi National Exhibitions Company (ADNEC). ADNEC, formerly the General Exhibitions Corporation (GEC), commissioned the study as part of preparations for CONSTRUCT Abu Dhabi 2006 Exhibition and Conference, to be held in the UAE capital during April 2-5, 2006.
“Reflecting the vibrancy of the region’s construction sector, CONSTRUCT 2006 is projected to double its exhibit space to over 14,500 square meters, as compared to 6,500 square meters at CONSTRUCT 2005,” a spokesperson for ADNEC said. “More than 250 exhibitors, from 12 countries and over 7,000 trade visitors are expected to participate in next year’s event.” The GCC is made up of Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates.
Meanwhile, Dubai-based real estate giant Emaar Properties has plans for projects worth $4.8 billion in Damascus, its first large-scale investment in Syria, a newspaper reported yesterday. Emaar’s $4-billion real estate project, dubbed “Damascus Hills,” includes residential units, commercial spaces and a technology park, said Al-Bayan. The project, covering an area of 50 million square feet (4.6 million square meters), is due to be completed within eight years, it said. The Syrian superior council for investments has approved the project as well as another Emaar plan to invest $800 million in a venture with a Syrian company to develop commercial and tourist facilities, said Al-Bayan. Syrian state media reported in September that the council had a series of projects planned for the industrial, agricultural and transport sectors, as the country moves slowly from a state-run to a free market economy.
In September, Emaar announced plans to invest about $4 billion to develop at least 100 shopping malls in the Middle East, North Africa and Asia.
