NEW YORK, April 25, 2016 /PRNewswire/ -- Over the years, GCC governments have increased public sector employment and spending on infrastructure, health, and education. This has helped raise the standard of living and support private sector activity, particularly in the non-tradable sector. Higher budget allocation toward the construction sector, as part of the strategic vision of the member nations, lends an added push to the construction industry in this region.
UAE government has made investment toward the affordable housing segment, has allocated several hectares of land in certain areas of Dubai (such as Al Quoz and Muhaisnah), and has invited developers to set up affordable housing units for tenants with a monthly income between AED 3,000 and AED 10,000 in 2014. As per MEED, there are also plans to pass a law that makes it mandatory for developers to allocate about 15% to 20% of their projects to the affordable housing category. Mega-events such as World Expo 2020 Dubai and 2022 FIFA World Cup Qatar are also driving the demand for complex architectural and engineering projects, including stadiums, airports, hospitality, and transportation in GCC countries. With upcoming mega-events being hosted by some countries, the GCC has opened opportunities across sectors such as tourism, hospitality, and retail for the growth of construction activities.
"Saudi Arabia is the leading country in the GCC construction industry"
Saudi Arabia's construction industry is the leading in the GCC region with major planned projects to commence by 2020. An expanding population of young citizens, growth in religious tourism, and infrastructure demand in various sectors such as healthcare, housing, education, and transport will continue to fuel growth of the construction industry. Saudi Arabia, with massive building activities across the country, is driving the construction industry. The public sector has also shown a keen interest in the country's development which has complemented the growth of construction along with huge government initiative to build social and utility infrastructure like hospitals, hotels, and houses.
The report will help the market leaders/new entrants in this market in the following ways:
1. The report helps stakeholders to understand the trend of the market and provides them information on industry trends and opportunities
2. This report will help stakeholders to better understand the country-wise construction industry
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