Value of Gulf projects still rising

Dubai: There are more than 250 major civil construction projects up for grabs at this year's Big 5, worth a combined value of around $120 billion (Dh441.36 billion), information shows.

These projects range in value from $12 million to $13.6 billion, with 135 in the UAE and 60 in Saudi Arabia, according to research centre Proleads.

The current value of the 3,813 projects in the Gulf alone tops an impressive $3.4 trillion, mainly in the UAE and Saudi Arabia.

In the wider Middle East and North Africa (Mena) region, construction projects are valued at $4.4 trillion, according to figures from the Big 5.

Big three

The three mega-developments in Dubai include Dubailand, Mohammad Bin Rashid Garden City and Jumeirah Gardens, which add up to $203 billion just by themselves.

And the three biggest construction projects underway in the Gulf Co-operation Council (GCC) is the $132 billion Silk City development in Kuwait, the $95 billion Jumeirah Gardens here in Dubai and the $93 billion King Abdullah Economic City in Saudi Arabia, says Proleads.

With figures such as these, it looks like the construction industry in this region is undaunted by the economic issues squeezing other sectors dry.

Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, officially opened the Big 5 2008 on Sunday.

Shaikh Maktoum visited stalls of the several international companies present, including Berliner Seilfabrik in the German pavilion, BSI Product Services in the Belgian pavilion and DreamGlass and Tedur5 in the Spanish pavilion.

"We feel that international companies are looking across the road at regions that have growth. This is one of the few regions that is still maintaining a good level of growth. With all the projects being implemented in this region, it's one of the big pillars that is sustaining the industry worldwide," Helal Al Merri, the director-general of the Dubai World Trade Centre told Gulf News.

Research also shows that demand for construction machinery and equipment is expected to grow 20 per cent over the next four years, as countries new to the construction boom, such as Algeria, Egypt, Libya and Iraq have boosted the need for construction-related products.

Around 3,000 companies are participating at Big 5 this year, compared with 2,830 in 2007.