Posted by Neil King
The UAE will award $25 billion in new development projects during the second half of 2010, new research has forecast.
According to data compiled by Meed Projects, an online projects tracking database, such rising investment in the UAE comes as the value of project awards in the wider Gulf Cooperation Council (GCC) is expected to double during the second half of 2010, the Khaleej Times reported.
The research also found that Dubai still has over $216 billion worth of infrastructure projects under construction and nearly $270 billion worth of projects in the pipeline or under bid.
It also pointed towards an additional $35 billion in GCC capital spending allocated in government 2010-11 budgets, as well as a general improvement in the region's economies, the news provider said.
The Meed report predicted that the total GCC project spend in 2010 will be $150 billion.
Meanwhile, it was reported this week that the automotive market in the GCC region is expected to witness strong growth this year.