Middle East building boom to peak over next five years

Dubai construction HooLengSiongUS$640bn will be spent on construction programmes across the Middle East. (Image source: HooLengSiong)The Middle East is set to experience a boom in its construction activity over the next two decades, according to a recent report published by global built assset consultancy firm EC Harris

EC Harris stated that more than 117 major programmes are planned for completion by 2013 and expenditure on the projects will total more than one billion.

The company, however, argued that these new schemes will carry heavy risks that could lead to the breakdown of projects. 

EC Harris has estimated that US$640bn is set to be spent on the roll out of new programmes between 2014-2020, which could limit resources as the market for projects under one billion is expected to be active.

"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 for EC Harris in the Middle East. 

"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."

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