Aug 18 2008 |
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Gulf construction to top SR1.2 trillion
JEDDAH: Despite the petrodollar windfall Saudi Arabia and the Gulf Cooperation Council (GCC) have been raking in as a result of the increase in oil prices over the last few months, new research suggests that there is an even bigger investment to be made in the region.According to DMG World Media Dubai , organizers of The Big 5, the region's largest construction industry trade show, the civil construction boom across the Arabian Gulf is set to exceed SR1.2 trillion ($330 billion) by the end of this year alone. This estimate is currently more than 10 times the annual investment being made in the region's cash-rich oil and gas industries.
"The hydrocarbon economies of the Gulf are now an international force with world-class companies creating windfall profits to help governments diversify away from oil," said Bernard Walsh, managing director of DMG World Media Dubai .
At the center of the world's most concentrated construction boom -- Saudi Arabia and the United Arab Emirates have more than 3,800 active construction projects across the region involving commercial, education, health, residential, retail, hotel, leisure, entertainment and mixed-use buildings amounting to SR12.2 trillion ($3.5 trillion) under way or planned to begin shortly.
"The GCC countries recognize that they have been dependent completely on oil and gas and are trying to diversify their economies," Walsh added. "Gulf countries have historically underinvested in their own infrastructure but have clearly realized the requirement to do so now.
By Sarah Abdullah
© Arab News 2008
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