There are currently more than $2.5 trillion worth of planned or unawarded construction projects in the GCC region, and the biggest market by a large margin is Saudi Arabia, with more than $1.2 trillion worth of future work, according to the latest report by Deloitte.
Saudi Arabia is followed by the UAE at $716 billion worth of planned projects. The other markets range from $60 billion for Bahrain up to $215 billion in the case of Kuwait.
The report said as the GCC states have grappled with the economic challenge, initiatives such as the Saudi Vision 2030, Abu Dhabi Economic Vision 2030, and Dubai Plan 2021 have formed the foundations of national reform plans and strategies.
“Most of the major project announcements over the past three years – such as Neom and Qiddiya in Saudi Arabia, the petrochemicals diversification program in Abu Dhabi and the development of the Duqm industrial hub in Oman – sit within the framework set out in these national visions,” the report added.
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