Wednesday, October 24, 2007

Active Realty Projects in Gulf region crosses $1trillion mark

According to recent reports on current active realty projects in the region, the Arabian Gulf real estate construction boom has crossed the $1trillion mark.

The scale of new developments in the GCC countries of Oman, Qatar, Saudi Arabia, UAE and Bahrain has been quite impressive. As per data from Proleads, the Dubai-based research company, there are about 885 active civil building projects in the region on the whole, with values of more than $10million each.

The total value of the real estate projects alone, covering more than $1trillion, includes commercial and residential sectors, educational establishments, cinemas, theatres, healthcare facilities, sports facilities, theme parks, hotels and mixed-use and retail developments. Among the active projects that have been included in the reports are those in which there has been some amount of study, planning, designing, construction or bidding. The report excludes buildings that are already complete and those that are in conceptual stage.

During the recent Cityscape 2007, the biggest business-to-business real estate show in Dubai, the Saudi Arabia and UAE accounted for lion's share of civil building developments. The UAE alone recorded a total of 390 projects, with a total value of more than $430billion. This was followed by Saudi Arabia with 330 projects worth $409 billion.

Among the top five active civil projects in the GCC worth more than $358billion are:
  • The King Abdullah Economic City in Saudi Arabia worth $120 billion
  • Kuwait's Silk City project worth $86 billion
  • Dubai Investment's Dubailand worth $60 billion
  • The Prince Abdulaziz Bin Mousaed Economic City in Saudi Arabia worth $53 billion
  • Abu Dhabi's Yas Island development worth $39 billion

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