The GCC countries have worked diligently over the past two decades to diversify and develop a prosperous economic growth model based on a variety of new sectors.
The GCC construction sector has emerged from these sustained efforts as world-leading, led by the UAE and Saudi Arabia, with the recent announcement of major future GCC government infrastructure projects in both countries. The value of GCC construction projects in the pipeline is worth $2.8 trillion as of June 2014, with projects currently at varying stages of development from preliminary study stage through to commissioning, according to Saudi Gazette.
Saudi Arabia is expected to continue the trend of leading the region’s growth by securing a steep rise in contracts awarded in 2014, building on last year’s success receiving over 48 percent of the contracts awarded in 2013.
The Kingdom will require large-scale import agreements in order to meet the demands of their domestic construction projects.The UAE is currently producing a 106 million ton surplus in quarry products and as demand continues to grow in the GCC countries, growth in the UAE’s production capacity of quarry products will be expanded further.
Accordingly, the UAE became the world’s third largest exporter of quarry products and is likely to add approx. 20 million tons annually from 2015 to 2019. Saudi Arabia is expected to seek new import agreements with the UAE to secure the resources necessary to achieve their anticipated future construction projects.
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