Construction boom in Gulf region at over USD 1.8 trillion |
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KUWAIT, July 23 (KUNA) -- The value of construction projects being executed in the Gulf region is well over USD 1.8 trillion, according to a study published here.
The study, revealed in the latest issue of local "Investors Magazine," indicated demand on ready concrete structures, steel, and brick coating is to increase manyfold next year as the construction boom continues to start going down by 2010.
The region is the most active in the world at present in terms of construction and development projects, the magazine said, based on data by specialized Duabi-based Proleads research company.
The report also indicated expected hike in demand on all material used in the construction and development sectors.
The magazine recalled some major projects being executed in the region including King Abdullah Economic City project in Saudi Arabia, at a cost of USD 54 billion, Abdelaziz bin Mousaed Economic City, also in Saudi, at cost of USD 53 billion, and Khalifah City in Abu Dhabi at a cost of USD 40 billion.
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