Over $45 billion of infrastructure contracts will be granted by the end of this year, double the $22.6 billion awarded in 2012.
The GCC infrastructure Market 2014 statement gives a shot of the billions of dollars being used across the nation with a focus on five areas which include airports, roads, rail, ports and free trade zones.
The report also calculates that $97 billion of rail contracts are already ongoing as all six nations work towards the designed 2,117km GCC-wide rail network by 2018.
The report avers that approximately $300 billion will be used on airports in the Middle East over the next five years with passenger numbers in the GCC estimated to arrive at about 4 billion by 2017.
And all GCC nations are concerned in developing its harbors with an approximated amount of $25 billion of harbor development and investment designed.
An important part of a nation’s infrastructure development is free trade zones and all nations in the GCC except Saudi Arabia propose them, though the UAE has the huge majority with 20.
The report stated that the Free Trade Zones, or Special Economic Zones, are selected locations where governments let businesses to establish. The UAE has the highest number of Free Zones in the GCC at 38, 20 of which are in the Emirate of Dubai.