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Market Report

The outlook for the GCC building construction market remains largely positive, with a growing young local and expat population, and rapid diversification away from oil. This is evident in GCC economies retaining expenditures on key sectors such as hospitality to promote tourism, education, affordable housing, and healthcare.

BNC Network report says Saudi Arabia, UAE in the lead as GCC’s 13,927 urban construction projects hit $308.3bn in June 2019, with 4,980 developments – worth $256.1bn – in the concept, design and tender phases.

“The GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress”

The UAE is investing more than US$ 23.16 Bn in the aviation infrastructure that will help its four National carriers with a combined fleet size of 502 aircrafts to serve more than 75Mn passengers annually. Investments include US$ 8 Bn in developing Al Maktoum International Airport. US $ 7.6 bn expansion of the Phase IV of Dubai International Airport. US $ 6.8 Bn for the redevelopment of Abu Dhabi international Airport. In addition Sharjah International Airport is also undergoing US$ 400Mn investment in expansion of its terminal.

Project Name Country Client Net Value (US$ Mn)
Dubai Wholesale City UAE Tecom Investments 8,000
Tilal Al Ghaf (D4) UAE Majid Al Futtaim (MAF) Properties 4,000
The Avenues Riyadh KSA Shomoul Holding Company 3,467
Mall of Saudi in Riyadh KSA Majid Al Futtaim (MAF) Properties 2,800
Lusail Towers - Lusail Plaza Qatar Qatari Diar Real Estate Investment Company (QDREIC) 1,900

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