RIYADH: According to real estate specialists CBRE, Saudi Arabia and the United Arab Emirates (UAE) are leading a $1.36 billion construction boom in the Middle East.
The two nations have announced a series of ambitious projects and initiatives that aim to transform their respective economies and societies.
According to statistics, the average economic growth rate for GCC countries was recorded at 6.3% in 2022. In 2023, the expectation is that the GDP growth rate will be 2.7%.
Saudi Arabia’s Crown Prince Mohammed bin Salman has been spearheading a number of mega-projects, including the NEOM smart city and the Red Sea tourism project. The NEOM project, which is set to cost around $500bn, aims to create a futuristic city that will be powered entirely by renewable energy sources. The Red Sea tourism project, which is estimated to cost $10bn, will feature luxury hotels, resorts, and entertainment facilities along the coast.
Meanwhile, the UAE has also been investing heavily in infrastructure and construction. According to research, UAE’s market is the only market which has seen record price growth and transaction volume growth.
In addition to these major initiatives, both countries are also investing in other infrastructure projects, such as new airports, seaports, and highways. These developments are expected to create new jobs, boost economic growth, and improve living standards across the region.
The construction boom in the Middle East is also being driven by increasing demand for real estate and commercial properties, as well as a growing population.
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