Uae – Largest Construction Market In Middle East; Raced Past Saudi Arabia

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The UAE has sweep over Saudi Arabia to become the biggest construction market in theUae - Largest Construction Market In Middle East; Raced Past Saudi Arabia Middle East. The UAE as top ranker for the first time since 2008 is based on the new study revealing that contracts worth USD 16.2 billion were awarded in the emirate last year.
A report by Deloitte, an accountancy firm states that it was 4% higher than Saudi Arabia’s total spending on construction last year worth USD 15.6 billion
The UAE construction market after experiencing repercussions of global recessions has made fast recovery and makes it on the top of the ranking for the first time in four years.
The Midfield Terminal Building Project of Abu Dhabi International Airport is the major infrastructure project amounting DH 11.75 billion awarded in UAE last year.
In Saudi Arabia, the expansion of the Masjid Al-Haram Mosque in Mecca was the largest construction project in 2012 with USD 1.5 billion cost. The mosque increased its capacity from 600, 000 to 1 million worshippers.
An audit partner at Deloitte affirmed that many of the major contracts in Saudi Arabia have not yet been awarded or only to be awarded in 2013 making them second to UAE. “The expectation with this data was that Saudi Arabia would top the list in terms of the value of contracts awarded but in the end that just wasn’t the case for 2012. Meanwhile in the UAE 2012 saw a backlog of contracts delayed by the financial crisis finally awarded”, said Cynthia Corby.
Other GCC rankers are Qatar placed on third and Kuwait on fourth.
An estimation of USD 10.4 billion deals was completed last year, while its infrastructure-related spending is expected to move forward to USD 150 billion as it prepares to host the 2022 FIFA World Cup.
The fourth placer Kuwait, projects costing about US 8 billion last year including Subiya Causeway and its transport construction accounts of 76 % of total construction spending in the country.