|The combined value of the 100 largest projects in the GCC region that are either completed or underway during the last two years totals over US$1.3 trillion, according to a study conducted by MEED, the Middle East's premier business intelligence provider, in conjunction with its Quality Awards for Projects 2010 - a first-of-its-kind award in the Middle East based solely on the quality of entrants.|
The research also indicates that Saudi Arabia and the UAE account for a majority of the developments, with 31 and 35 ongoing projects respectively. Highlighting the real estate sector's dominance in the region despite the global financial crisis, the study has highlighted the approximate value of transport projects in the GCC as US$164 billion, while that for oil and gas is nearly US$131 billion.
The findings of the survey, titled 'The GCC's Top 100 Projects', have been showcased by MEED in a 20-page supplement that was released on 16 July.
Offering a unique review of the Gulf projects market, the supplement also highlights some of the projects that are eligible to feature in the Quality Awards for Projects 2010, which will be presented on 14 December in Bahrain.
Edmund O'Sullivan, Chairman of the MEED Quality Awards for Projects, said: "From the world's tallest building to the first zero-carbon city, the GCC region has over the past decade pushed the limits of what can be achieved in the built environment. And, despite the financial crisis and slowdown in the global economy, it continues to lead the world in the scale and ambition of its projects.
"The GCC's Top 100 Projects supplement features individual profiles of each of the projects ranked by budget value. It will serve as a comprehensive guide for those keen on tracking the potential of this region and its projections for the future." WAM