Middle East Construction Project Pipeline Surpasses $3.9 Trillion in 2024:

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The Middle East construction market has reached a record high, with the project pipeline valued at over $3.9 trillion in 2024. This growth is largely driven by rapid development activities in major markets such as Saudi Arabia, the UAE, Oman, Qatar, and Egypt. According to a recent report by Jones Lang LaSalle (JLL), the UAE's construction project pipeline alone has reached $590 billion, representing 15% of the region’s total. Key sectors include residential projects, valued at $125 billion (21%), and mixed-use projects, which make up $232 billion (39%).

The UAE saw substantial growth in project awards, reaching $87 billion in 2023 compared to $31 billion in 2022, highlighting the nation’s ongoing focus on economic diversification and attracting investment. Meanwhile, the Gulf Cooperation Council (GCC) region holds an extensive projects pipeline of over $2.7 trillion, with Saudi Arabia accounting for $1.5 trillion, according to the Middle East Economic Digest (MEED).

This surge reflects the Middle East's commitment to expanding infrastructure and real estate, with countries competing to launch large-scale, transformative projects. The increasing number of projects is reshaping the region, catering to growing population needs and diversifying the economic landscape through extensive construction initiatives in residential, commercial, and mixed-use developments.

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Source:https://www.khaleejtimes.com/business/middle-east-project-pipeline-value-exceeds-3-9-trillion-in-2024