THE total value of construction projects in the Gulf region has reached $1.68 trillion, according to a latest report by BNC Network, an online project tracker based in the UAE.

Of this, projects worth $489.39 billion are currently under construction, $81.45 billion are in the tendering phase, $125.12 billion are in design phase while $265.25 billion worth of projects are in the initial planning and concept phase, the report shows.

However, nearly 43 per cent or $723.61 billion worth of projects – the largest category of projects – are still on hold, the report shows.

The UAE is still the largest construction project market  with the value of projects totalling $690.2 billion, including $429.23 billion worth of projects on hold.

Saudi Arabia is the second largest construction market where the total value of projects has exceeded $451.09 billion, including $100.96 billion worth of projects on hold.

This is followed by Kuwait where the total value of projects reached $195.99 billion including $61.47 billion worth of projects currently on hold or cancelled.

Qatar ranks fourth with the total value of projects exceeding $171 billion of which $69.14 billion worth of projects are on hold.