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The total value of construction projects in the Gulf region has reached $1.68 (Dhs6.17) trillion, according to a latest report by BNC Network – an online project tracker.
Of this, $489.39bn (Dhs1797.58bn) worth of projects are currently under construction, $81.45bn (Dhs299.1bn) worth of projects are in the tendering phase, $125.12bn (Dhs459.58bn) worth of projects are in design phase while $265.25bn (Dhs974.29bn) worth of projects are in the initial planning and concept phase. However, nearly 43% or $723.61bn (2657.89bn) worth of projects – the largest category of projects – are still on hold, the report shows.
“Despite the economic slowdown caused by the global financial crisis in 2008-09, the Gulf region still remains one of the largest construction market in the world after China where several large-scale projects are still on track,” said Ben D’Souza, Chief Operating Officer of BNC Network, said.
“This reflects the governments’ determination to continue to invest in expanding their infrastructure that will help spur economic growth at a time when Europe and the US economies are struggling amid crisis after crisis.”