Construction projects across all building sectors worth $128.46 billion are expected to be completed in the GCC by end of this year, hitting a 92.06 per cent increase compared to 2013 ($66.89 billion), a report said.
The expected expenditure on interiors and fit-outs is $9.57 billion, 29.63 per cent more than what was spent in 2013, said a biannual study conducted by Ventures ME.
The research analyses both the building construction and the fit-out and interiors markets focusing on six main sectors – residential, commercial, hospitality, retail, educational, and medical – in each of the GCC countries.
Out of a total market worth $128.46 billion, the medical, residential and hospitality sectors will count for over half of the market with shares of 24.43 per cent, 23.34 per cent and 22.64 per cent respectively. The three sectors leading the way will be followed by the commercial (12.51 per cent), educational (5.86 per cent) and retail (1.09 per cent) sectors, it said.
Compared to the previous year, the hospitality and medical sectors will register the biggest growth; the value of completed hospitality building projects is forecast to jump from $3.68 billion to $29.08 billion (+690.03 per cent) whereas the value of completed buildings for medical use will go up 725.19 per cent to a value of $31.38 billion ($3.80 billion in 2013).
Saudi Arabia is where most of the completed buildings will be located particularly in the residential ($34.39 billion), hospitality ($3.85 billion), commercial ($7.97 billion) and educational ($4.38 billion) sectors.
Qatar will complete retail projects worth $522 million moving up in the country’s ranking from the fifth position in 2013 to the top.
In the healthcare sector, out of a total market forecast of $31.38 billion, the UAE will account for $3.13 billion.
Out of an overall estimated interiors market value of $9.57 billion, the residential sector will be the largest spender with $3.3 billion (34.47 per cent), followed by the hospitality sector with 20.24 per cent and $1.94 billion spent in value and the commercial sector with $1.77 billion (18.48 per cent).