Posted by Neil King
The construction sector in the Gulf Cooperation Council (GCC) is continuing to thrive despite the global downturn, with more than US$1.3 trillion worth of announced and un-awarded projects currently in existence in the region, it has been revealed.
According to latest data from MEED Projects, there is also a further $1.4 trillion worth of construction schemes in the wider Middle East.
Dubai also has over $216 billion worth of infrastructure projects under construction and nearly $270 billion worth of development projects in the pipeline or under bid, MEED found.
These development opportunities are a primary focus for delegates attending MEED's Arabian World Construction Summit, which began yesterday (May 24th) at the Abu Dhabi National Exhibition Centre.
The event is part of Arabian Construction Week, which comprises four dedicated vertical trade exhibitions - Future Build, Civil Engineering, Building Machinery, and the Green Building Expos.
High-ranking government and public sector officials as well as top executives from the private sector are participating at the MEED summit and there will also be a focus on the region's burgeoning infrastructure needs in light of the continuing growth of oil and gas projects.
Meanwhile, it was announced last week that Dubai World has agreed headline economic terms with a majority of the company's financial creditors regarding the restructuring of its financial liabilities.