Out of the $1trillion worth major projects in the region, the UAE ranks topmost among GCC nations with its lion's share of $636bn worth construction projects.
Qatar was ranked second with $106bn worth projects, majority of them being investments in oil and gas, electricity generation, water desalination, heavy industry, social infrastructure and transportation links.
According to Edmund O'Sullivan, the Chairman of judging panel of MEED Quality Awards for Projects, an independent award recognition programme, established in 2011, the projects that have been completed, and those that are currently underway in the GCC nations, bear special significance, to an extent that is unmatched anywhere else on the earth.
In January 2012, the UAE projects industry was worth $581bn. The new projects in February are likely to boost the total value of projects to $636bn.
Another report by the Business Research and Intelligence firm, CPH World Media, revealed that UAE has the largest number of active projects in the region, with over 1200 projects, worth more than $931bn underway for this year.
Given, the major size and complexity of projects in the UAE, and the impact they have in economic diversification, the effective and efficient execution of both planned and ongoing projects will be vital to the country's success.
The MEED Quality Awards in GCC is given away in recognition of completed projects, and evaluates the outcome of construction processes. Now, into its second year, the MEED Quality Awards for projects in GCC is judged by an independent judging panel. The 2011 award winning projects included the UAE's Burj Khalifa, Kuwait's National Library, and Qatar's Mesaieed A.
"This is not about the project being tallest or biggest. The projects are reviewed based on economic, social and environmental impact, as well as innovations in design, construction and engineering. These benchmarks will bear an impact on the long-term success of not just the projects industry, but, GCC as a whole," O’Sullivan said.