Nov 23 2010

Middle East real estate sector still attracting attention

MUSCAT -- The Middle East Real Estate sector continues to grab attention despite the bleak global economic climate, according to the latest research from the region's leading online business intelligence platform Zawya.

Based on data analysed from thousands of members utilising Zawya's Projects Monitor service in 2010, the most popular projects being tracked by professionals are in the Oil & Gas (30 per cent), Real Estate (19 per cent), Power & Water (18 per cent) and Infrastructure (16 per cent) industry sectors.

In terms of specific project interests, the most widely viewed developments in the Zawya Projects community include the $40 billion ENEC nuclear power plant, the expansion of Muscat's airport in Oman, and the $2.3 billion Sidra medical and research facility in Qatar, which is reflective of the most popular industry sectors mentioned above.

Geographically, Saudi Arabia continues to draw significant interest as it intends to spend $385 billion in development in a five year plan starting 2010.

Libya is also generating a lot of traffic with its plans to spend $500 billion across all sectors including real estate by 2020.

"The general view is that Real Estate in the Middle East is dead in the water. While Oil & Gas, Real Estate, Infrastructure and Power & Water-related projects together form the order of popularity on Zawya Projects, it's worth nothing that the difference in popularity between Real Estate and Infrastructure is less than one per cent," said Areej Sharif, Head of Construction Community at Zawya.

Transparency and the lack of up-to-date information are two of the most significant challenges facing the Middle East's construction sector, and Zawya Projects enables decision-makers in the region and abroad to navigate the region's current initiatives and developments with confidence, knowing that a dedicated team of analysts is delivering daily updates on projects across the region, including their size, scope, current status and other vital details.

© Oman Daily Observer 2010

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