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Value of GCC projects grows to $2trn
- Middle East: Monday, January 14 - 2013 at 04:31
According to a report by Citigroup Inc., projects planned and underway across the GCC region jumped 12% on the year-earlier period to reach more than $2trn, Saudi Gazette has reported. Early stage projects were up 17% to $655bn over the same period, mostly driven by the UAE (up 127%). Saudi Arabia's planned projects rose 19%, but has slowed, the report noted. However, the kingdom remains the largest GCC market with projects totalling $790bn. For the main markets in the Middle East and North Africa, the project pipeline was up 5% to $308bn since October, the report said. "To some degree we would expect some slowing of growth given the size of the market," Citi said.
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