The GCC completed projects worth Dh248b in 2014

Completed construction projects across all building sectors in the GCC last year are valued at $67.6 billion (Dh248.2 billion), according to a study commissioned by dmg events, the company behind the Index design exhibition, and undertaken by Ventures ME.

The research also expects an increase in the value of completed projects this year to $72 billion, while $103 billion worth of projects will be awarded, representing a 21.2 per cent increase from $85 billion last year.

The residential (41.5 per cent), commercial (16.97 per cent) and educational (10.6 per cent) segments accounted for the highest market shares. The top markets across all sectors, excluding retail, were Saudi Arabia and the UAE. Qatar ranked the highest in terms of completed retail projects — worth $362 million.

“The forecast for both awarded and completed projects this year shows further increases again with particularly exciting times ahead for the residential and commercial sectors,” said Frederique Maurell, Group Event Director of dmg events.

The GCC interior contracting and fit-out market was valued at $7.35 billion last year, with the UAE ($2.3 billion) and Saudi Arabia ($3.4 billion) coming together to comprise 74 per cent of the total market. For the second year running the residential sector accounted for almost half of the transactions with a market share of 41.95 per cent. The commercial sector followed with a 17.1 per cent share, after which came the hospitality sector with a 13.51 per cent share, largely unchanged when compared to 2013.

The interiors market is also likely to grow by 9 per cent this year, according to the report.

Source: Property Weekly


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