DOHA: Qatar ranked third in the GCC by allocating $135bn on infrastructure development during 2010-15, said Emirates Industrial Bank (EIB), a local Arabic daily reported yesterday.
Saudi Arabia and United Arab Emirates (UAE) ranked first and second, by allotting $405bn and $230bn respectively. Total allocated sum of GCC is a staggering $985bn for the infrastructure development.
Some 41 percent of the total amount was allocated by Saudi Arabia alone.
Kuwait ranked fourth by earmarking some $110bn for infrastructure development between 2010-15. Oman and Bahrain ranked fifth and sixth by allocated $80bn and $25bn respectively, for the infrastructure development during 2010-15.
GCC is spending its hydrocarbon revenues to build an advanced infrastructure focusing on energy, health, education, transport and tourism.
According to the report, the GCC is expected to keep spending on energy and construction projects during the coming years.
The huge spending on infrastructure development would create good opportunity for the private sector in the GCC and help grow and diversify the region's economy.
© The Peninsula 2011
