Posted by Neil King
The value of commercial maritime projects in the Gulf Cooperation Council (GCC) will exceed US$35 billion during the next three years, it has been claimed.
Research by Baradihi Commercial Diving Services found that at the end of 2009 there were 12 major maritime projects underway in the Gulf region, the Saudi Gazette reported.
It was revealed that the UAE had four maritime projects – the most in the region.
Nadia K Baradihi, president of Baradihi Commercial Diving Services, said: "The Arab Gulf states' growing interest in maritime development projects reflects sound strategic thinking emanating from their adaptation of the maritime environment, making it an additional commercial attraction factor that will help create a prosperous future for the region."
She added that the huge economic growth seen in the Middle East in recent years, coupled with the coastal location of the GCC countries, is driving major seaport expansion, noting that over 50 projects worth in excess of US$40 billion are currently underway in the region.
Last week, Mourjan Marinas IGY, which provides management services for marina lifestyle destinations, announced that it had renewed its long term partnership with Dubai Festival City to continue its management of Festival Marina.