The total value of infrastructure projects across the Gulf Co-operation Council (GCC) is set to reach $86bn this year, according to construction intelligence firm Ventures Onsite.
This would be an increase of 78% on last year.Â
There was a significant increase in contract awards for all countries across the region, except Saudi Arabia, where the amount of work awarded has fallen from $34bn to $29bn. This fall is partly caused by the boost to last year’s figures caused by the $22.5bn Riyadh Metro project.Â Â
The kingdom remains the the biggest spender in in the GCC, followed by the Qatar, the UAE and Oman, Kuwait and lastly Bahrain.Â Â
Qatar is the market that expanding most rapidly: it is expected to award contracts worth $26bn this year, compared with $9bn in 2013; Oman is set to award infrastructure projects worth $7bn up from $5bn. Kawait and Bahrain will both commission work worth about $3.4bn.Â Â
According to the report, infrastructure projects make up 16% of the total construction spend in the GCC.Â The rail sector in the region is worth an estimated $200bn, boosted by the six countries plan for a system that will connect all the countries in the GCC.