The GCC construction market currently stands at over 20,000 active projects worth over USD 2 trillion. These include projects across urban construction, industrial, transport, oil & gas and utility sectors. The construction market is expected to grow significantly
in the next few years as the GCC countries are expected to increase investments in infrastructure and housing. The GCC urban construction sector is dominated by residential, commercial and hospitality projects that comprise of around 54% of the total value of active projects in this sector.
Residential and commercial building projects
These comprise of over 40% of the total value of all active urban construction projects in the GCC. Over 800 projects worth around USD 100 billion are currently in the concept and design phase indicating a strong pipeline of projects to support the growing market in the region.
Hospitality, Leisure & Recreation projects
As tourism is gradually starting to dominate over other sectors as a major contributor to the economic growth of the GCC countries, the governments are putting more efforts to create new tourism attractions, including theme parks, hotels, resorts etc. The hospitality, leisure & recreation industry combined comprise of around 1500 projects worth approximately USD 180 billion that constitutes about 15% of the total value of active urban construction projects in the GCC.
The rising population is one of the key drivers for creating additional demand for new hospitals, clinics, and other healthcare facilities. There are more than 500 active projects in the GCC’s healthcare industry worth approximately USD 50 billion.
Shopping malls as well as open-air retail destinations are gaining popularity amongst visitors and residents across the region. The value of 400 active retail projects stands at USD 35 billion with over 50% of the total active retail projects currently in tender and under construction.
The UAE is leading the construction projects list in the GCC region followed by Saudi Arabia who is reshaping its future by decreasing its reliance on oil by focusing on the ambitious Saudi vision 2030. Oman represents about 7% of the total value of the GCC urban construction sector where Qatar, Kuwait and Bahrain are following the race.