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More than US$1 trillion will be spent on projects across infrastructure, energy, property and transportation sectors across the Middle East up until 2030, according to a report by built asset consultancy EC Harris
The report, titled Middle East Major Construction Programmes, has identified that construction projects totalling more than US$1bn will peak in the UAE by 2016, with projects worth US$40.4bn set to kick off.
From the six countries examined in the study, the UAE is expected to spend the most on grand scale projects, followed by Saudi Arabia (US$255bn), Qatar (US$156.8bn), (Kuwait (US$130.3bn), Iraq (US$123.3bn) and Oman (US$21.8bn).
''The Middle East is experiencing unparalleled economic and social development due to the large volume of mega projects planned and underway,'' said Alistair Kirk, head of infrastructure, industry and utilities, Middle East, EC Harris.
An estimated US$1 trillion will be spent across these sectors, with US$255bn worth of investments in Saudi Arabia, while Qatar is set to inject US$156.8bn in projects across these sectors, EC Harris revealed.
According to the consultancy, more than US$1.2mn construction workers will be needed for all the projects to go-ahead.
''These programmes, particularly the more ambitious mega cities, are at the forefront of these enormous infrastructure developments which will bring diversification, foreign and domestic investment and job creation on an unparalleled scale,'' Kirk added.