Value of New Builds Across the GCC Bulldozes through USD 1 Trillion Mark
The value of ongoing urban construction projects across the GCC has smashed the US$1trillion mark – prompting the UAE’s leading dedicated stone show to gather one of the strongest pools of marble, granite and tile suppliers to have ever exhibited together.
Now in its third year, Middle East Stone will unite the world’s most influential natural stone, marble and granite exporter’s trade groups in the world in Dubai this May as the key decision makers from the MENA’s stone community hunt for the surface materials required for the mammoth 16,405 builds currently underway across the GCC.
New research commissioned by Middle East Stone and compiled by data analysts BNC found that those projects are worth a combined US$1,097.9billion – more than a trillion dollars. Buildings and sprawling urban development’s account for more than half of that sum, valued at a combined US$745.1billion. Across the GCC more than 12,200 buildings are under construction. A massive 204 urban megaprojects are also underway.
Put into perspective, the Gulf is currently responsible for 92% of all stone-heavy urban construction projects across the whole of the Middle East and North Africa, accounting for 80% of the total value of all builds within the MENA region.
That demand has prompted Middle East Stone – the UAE’s premier business, learning and networking platform for stone professionals – to gather key suppliers from the world’s top stone exporting nations to meet with the leading decision-makers responsible for the GCC’s gargantuan catalogue of ongoing construction projects.
Exhibitors from 25 countries including Italy, Brazil, Turkey, USA, Canada, India, Iran, Portugal, Greece, China, UAE and Spain, will gather under the theme Bring Stone to Life, where the focus will be on innovative stone design for the likes of façades, cladding, pavements and flooring.
Yan Wang, Event Director at Middle East Stone, said: “Breaking through the US$1trillion mark may be the most obvious indication yet of just exactly how booming the construction market remains to be across the GCC.
“To have that scale of investment – across more than 16,000 infrastructure, hospitality, healthcare, retail and educational projects – is unprecedented. These builds rely on the world’s best stone, and Middle East Stone will provide those direct links and facilitate international business. The United Arab Emirates alone is the third largest importer of stone in the world, demonstrating again the nation’s huge potential for further growth.”
A multifaceted event, Middle East Stone is now its third year. Local and international suppliers will attend the four day event as well as suppliers bringing many exotic stones to the UAE for the first time ever.
As well as lucrative business opportunities, the exhibition will also offer CPD accredited free to attend knowledge and learning sessions, where the emphasis will be placed on case studies, industry insights, technical and architectural processes as well as workshops tailored specifically for exhibitors on how to trade in the GCC.
For more Information on and how to register to attend the events for free, click here.