The GCC construction market is estimated at $2.2 trillion, with over 22,000 active projects as of Q1 2021, according to a new report by BNC Network.
Of this, around $35.6 billion worth of new schemes were announced in Q1, which already amounts to 55 per cent of the total announcements in 2020, it added.
Among the key regional players, Saudi Arabia dominated the list contributing 54 per cent to the first quarter announcements with projects worth $19 billion, followed by Qatar with a 21 per cent portfolio, stated BNC in its 27th edition of Projects Journal.
Project awards totalled $32.3 billion in Q1 and much of this value was attributed to the $18.5-billion four liquefaction trains and $2.5-billion LNG storage and loading facilities to be built as part of North Field Expansion Scheme in Qatar.
Sector wise, the utilities industry topped the list with $14.5 billion projects, while the oil and gas sector added $10 billion in newly announced projects, it added.
Ahead of the UAE, Saudi Arabia currently holds $823.5 billion of active projects, of which 28 per cent are in early stages.
According to Avin Gidwani, CEO of Industry Networks at BNC, project completions in Q1 recorded a 20 per cent quarter-on-quarter (QoQ) drop as projects worth $47.5 billion were delivered in the GCC.
The urban construction sector shared half the load as UAE and Saudi Arabia took top positions with a 42 per cent and 33 per cent contribution respectively, he added.