GCC Governments Drive $2.7 Trillion Potential Project Pipeline

UAE, 15 April, 2024 : GCC government spending is set to remain a crucial economic driver, fueled by ambitious development and diversification goals, according to a report by Emirates NBD Research.

Currently, projects worth over $572 billion are underway in the GCC, with construction dominating at 34%. Saudi Arabia and the UAE lead in project value, with shares of 50.6% and 27.5% respectively, followed by Qatar at 12%.

Looking ahead, there's a substantial pipeline of projects totaling about $1.4 trillion, with the majority expected to be completed before 2031. However, most of these are still in the design or study phase, raising the possibility that not all will come to fruition.

Governments in the region are the primary initiators of these projects, with Saudi Arabia heavily skewed towards government-driven projects, while the UAE and Oman have a more balanced distribution.

Additionally, there's potential for even more projects beyond those currently in pre-execution phases, as some fall under overarching master plans like Neom, bringing the total potential project pipeline in the GCC to $2.7 trillion.

Source :www.khaleejtimes.com