The value of construction projects in the oil-rich countries of the Gulf exceeds 1.8 trillion dollar, a study published in the latest issue of the Investors Magazine says.
Nicosia, July 25 : The value of construction projects in the oil-rich countries of the Gulf exceeds 1.8 trillion dollar, a study published in the latest issue of the Investors Magazine says.
Currently, the Gulf region is the most active in the world in terms of construction and development projects, prompted by an oil-fired boom. emand in all material used in construction is expected to reach unprecedented heights.
Some of the major projects being executed in the region include King Abdullah Economic City project in Saudi Arabia at a cost of USD 54 billion, Abdelaziz bin Mousaed Economic City, also in Saudi Arabia, at cost of USD 53 billion, and Khalifah City in Abu Dhabi at a cost of USD 40 billion.
A staggering 43 billion dollarwill be spent in airport construction by the Gulf countries, with the UAE alone set to spend 21 billion dollar.
Currently, at least a dozen airport runways are under construction or in planning in the Gulf region.
Today, the Gulf region's aviation industry is the fastest growing in the world.
Such heavy funding on aviation infrastructure projects has been prompted by the projected increase in commercial air traffic and tourism to the region.
Sky-rocketing oil prices, a buoyant economy and a booming construction sector have sent tourism and business traveler figures soaring in the Gulf region, where each of the states is boosting its tourism and investment infrastructure. This in turn has called for the urgent expansion of the aviation infrastructure.
ANI