Dubai: The combined value of the 100 largest projects in the GCC (Gulf Cooperation Council) that have been either completed or underway during the last two years totals more than $1.3 trillion, according to a
study.
The study conducted by Meed, the Middle East''s premier business intelligence provider, in alliance with its Quality Awards for Projects 2010, also revealed that Saudi Arabia and the UAE account for a majority of the developments, with 31 and 35 ongoing projects respectively.
The real estate sector continued to dominate the region despite the impact of global financial crisis, said according to the findings of the survey titled "The GCC''s Top 100 Projects".
While the approximate value of transport projects across the GCC was put at $164 billion, oil and gas projects stand nearly at $131 billion, the study revealed.
"From the world''s tallest building to the first zero-carbon city, the GCC region has over the past decade pushed the limits of what can be achieved in the built environment," said Edmund O''Sullivan, chairman of the MEED Quality Awards for Projects.
"Despite the financial crisis and slowdown in the global economy, the region continues to lead the world in the scale and ambition of its projects," he said.
Meed Projects, an online projects tracking database, reported in June that the GCC projects market fell in value by 19 percent in the first sixth months of this year compared to the same period in 2009.
About $49 billion worth of contracts were awarded in the first half of 2010 compared with the $60 billion worth of deals signed in the corresponding period last year, said the report.
In May, Meed predicted that the value of GCC project awards would double during the second half of 2010, with Saudi Arabia constituting the bulk of spending at just over $46 billion, followed by the UAE at nearly $25 billion.
The value of project contract in Kuwait will be $16 billion, a fourfold increase on the first half of the year, the report said. The May report also predicted that the total GCC project spend in 2010 will be $150 billion, down when compared to 2009 but in line with the five-year regional average.