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GCC projects expected to hit $1.35trn by 2013-end

According to MEED GCC Projects Index, the current value of the Saudi projects market stands at $956bn, Arab News has reported. The Riyadh Metro (mini-rail) project ranked first as the biggest contract for the month of July in the Middle East region valued more than $22bn, or two-thirds of the region's overall projects, whose cost is worth $31.6bn, the report said. The GCC projects sector is expected to see another buoyant year in 2013, where the value of projects to be awarded is estimated to hit $1.35trn by the year-end, compared with $730bn in 2012, it said.