14 of the major economies in the Middle East and Africa are currently investing, or planning to invest, over US$1.82 trillion in commercial and institutional projects, says a new report by Timetric’s Construction Intelligence Centre (CIC). The UAE leads with investment of US$687 billion, followed by Saudi Arabia with US$436 billion and Kuwait with US$158 billion.
Institutional and religious projects, including government buildings and places of worship, predominantly mosques, are valued at US$51.5 billion. With a number of new cities being developed in the Middle East, particularly in the UAE, each will form large-scale mixed use developments, which include residential, retail, offices, educational and health elements, along with the requisite infrastructure.
“With the increase in population in the Middle East and the improving prosperity of Africa, commercial and institutional buildings will be of increasing importance in providing administrative, retail, commercial, health and educational facilities. The MEA countries’ move from being dependent on hydrocarbons and other commodities will also make investment in the sector of greater significance,” comments Neil Martin, Manager at Timetric CIC.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/africa-middle-east/16092015/major-investment-in-the-middle-east-and-africa-557/