GCC to pay out $90 billion on school building

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Large investments are being prepared across the region in the education building sector.

GCC to pay out $90 billion on school building

GCC to pay out $90 billion on school building

GCC governments have revealed designs to pay out more than $90bn on schools, colleges and universities by the end of 2014. The plans create the education sector one of the major for contractors and suppliers. And plans are improbable to slow down with the GCC people are set to increase from 50.6 million in 2014 to 55.8 million by 2018.

Saudi Arabia is the leading investor in education with an approximated spends of $56 billion. It will structure 465 new schools and renovate 1,500, in addition to finish 1,544 existing school construction projects. It will also build eight new colleges and vocational and technical facilities.

The report stated that the governments of every GCC country are investing extensively in construction of new schools and renovation of existing schools which is approximated to compel the construction prospects in the education sector in the area.

Numbers of students in the GCC locality is projected to rise from 11.1 million in 2014 to 11.6 million by 2016. GDP per capita earnings in the GCC are approximated to increase from USD 45,184 in 2011 to USD 51,286 in 2016 and that will help education.

In the UAE, $2.6 billion, which is 21% of its 2014 budget, is being spent on schools and all new buildings meet the country’s green construction. Meanwhile, Qatar has allotted $7.2 billion to education, increase 7.3% on the prior year.

Oman will start to give free basic education to all its nationals at a cost of $6.8bn – 18.6% of the total public expenditure. Kuwait will spend 14.2% of its yearly resources for 2013-2014, $10.5bn. Bahrain has allocated $2.2 billion to remain to enhance the education procedure for the fiscal years 2013-2014.

Mohamed Dekkak