Construction in GCC, Iraq and Iran grows with $4b a week.

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24 Oct 2005

The value of 1,400 ongoing projects in the GCC, Iraq and Iran have reached $700 billion. The UAE, with a population of about 4 million, accounts for nearly 32 percent of the projects value, worth nearly $222 billion. Saudi Arabia with a population of about 26 million accounts for nearly 21 percent of the projects, worth more than $146 billion.

The United Arab Emirates' construction is for the time being largely concentrated to Dubai, where we see new mega developments frequently being announced. With new initatives coming up in Abu Dhabi, it is expected that you will also see a larger amount of the future projects coming up there. Among the leading developers in Dubai, Nakheel has the largest project portfolio with a value of about $30 billion. There projects include well promoted projects as The Palm Islands (three of them - Jumeirah, Jebel Ali and Deira), The World (about 300 islands), Dubai Waterfront, Jumeriah Lakes, Jumeirah Golf Estates, among others.