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12.05.2013, 20:38

US $1.35 trillion of projects to be awarded across GCC in 2013

Author: News Editor

73 per cent increase on 2012 with Saudi Arabia expected to account for 40 per cent of all all capital expenditure.

 

According to a forecast from MEED, the value of projects to be awarded in the Gulf Cooperation Council (GCC) region during 2013 will reach US $1.35 trillion.

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The company's research suggests the Kingdom of Saudi Arabia will account for almost $600 billion of all projects - a figure that representing marginally more than 40 per cent of the region's total. MEED forecasts the UAE will confirm US$ 350 billion of projects and Kuwait US$ 150 billion during the same period.

The remaining GCC countries (Qatar, Oman and Bahrain) are forecast to award US $ 250 billion of projects.

The figures have been released ahead of this year's MEED Quality Awards for Projects which will be held in association with global accountancy firm, Ernst & Young on 14 May.

MEED Editor, Richard Thompson, says: "The region's projects industry has made remarkable strides, completing some of the biggest and most complex projects in the world which have contributed to the impressive growth of GCC economies on the whole. "

 

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