GCC construction project value exceeded Dh9.25 trillion ($2.52 trillion) in June, according to BNC Construction Intelligence.
The market intelligence company said that there were 26,000 active construction projects last month.
Saudi Arabia leads the GCC region in the total value of construction projects worth $895.8 billion (Dh3.29 trillion), followed by the UAE with projects valued at $830.6 billion (Dh3.05 trillion) are at various stages of planning, development and execution in the Kingdom.
“The UAE and Saudi Arabia are pulling out all the stops - tearing down doors that impede trade, destroying business barriers and smashing the visa wall as its American ally does the diametric opposite. While America systematically isolates itself from its immediate neighbours, China, and Europe, the GCC is working on building bridges economically, digitally and physically with a far-sighted vision for a future Arab world that is much more deeply integrated and pivotal to global progress,” said Avin Gidwani, Chief Executive Officer of BNC Network.
The project figures are reported in BNC Projects Journal.
Urban projects accounted for $1.12 trillion in June. The UAE was the leader in urban construction, with $476.5 billion, followed by Saudi Arabia with projects valued at $406.2 billion.
In May 2019, new project announcements worth $5.3 billion were recorded by BNC Network and new contract awards estimated at $1.7 billion while project completions reached $9 billion for the month.