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The construction market in the GCC is expected to register a 7.7 per cent increase in value of projects by end of 2014, with the total value of projects reaching US$72bn
According to the Ventures Middle East’s GCC Building Construction and Interiors report, the construction market in the region is growing faster compared to the same time in 2013. This has directly translated into an increase in opportunities within the sector, especially in the interiors and fit-outs market, estimated to touch US$7.8bn this year.
The residential and commercial sectors have the largest share in investment – US$30bn and US$11.8bn respectively – followed by education, hospitality and medical sectors.
Among the GCC nations, Saudi Arabia and UAE have the largest market share in projects due for completion by 2014, with construction projects worth US$33.82bn and US$21.28bn respectively. Qatar, Bahrain, Oman and Kuwait collectively account for projects worth US$16.92bn.
Within the construction sector, the interiors and fit-out sectors constitute 12 per cent of the average cost. These include wood work, soft and hard furnishing, furniture, lighting, partitions, flooring, kitchen and bathroom fittings.