CONSTRUCTION projects worth $69.91 billion, across all building sectors, were completed in the GCC in 2013, while contracts valued at $71 billion were awarded during the year, according to a study.

The research – conducted by Ventures ME and commissioned by dmg events prior to Index, the international design exhibition to be held in Dubai, UAE, in May – estimates projects worth $83.41 billion (+17.43 per cent) will be completed while contracts worth $82.2 billion will be awarded during this year.

It said the GCC interior contracting and fit-out market registered an eight per cent growth to $7.81 billion in 2013 compared to 2012 and is expected to increase by another 18 per cent this year.

With residential (43.3 per cent), commercial (18.2 per cent) and educational (10 per cent) segments leading the way, 2013 was a positive year for the construction market.

Hospitality, medical and retail buildings worth $4.6 billion, $2.4 billion and $1.8 billion, respectively, were completed.

Saudi Arabia and the UAE rank in the top two positions for all sectors with the exception of education and healthcare for which Qatar ranked top with completed projects worth $4.6 billion in education and $1.12 billion in healthcare.

Saudi Arabia was the largest interior contracting and fit-out market with a 47.4 per cent share ($3.7 billion) followed by the UAE and Qatar at $2.39 billion and $953 million respectively.