Author : Shuchita Bist
Bawadi, major real estate project coming up in Dubailand, Dubai
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According to the latest market analysis, the demand for ready mixed concrete, reinforcing steel and stone cladding is set to more than double by 2009 as real estate developments peak across the Arabian Gulf but tail off in 2010. Active civil building construction projects in the GCC countries are currently valued in excess of $1.8 trillion.
Bernard Walsh, MD, dmg world media Dubai, said, "The phenomenal scale of building right now places the Gulf at the centre of the world's most concentrated construction boom. These detailed forecasts for the basic building blocks of the construction industry are reflected in similar levels of increasing demand for all kinds of materials, fixtures and fittings used in the industry".
The 5 biggest real estate projects in Saudi Arabia, the UAE and Kuwait are worth $350 billion. They are namely, King Abdullah Economic City in Saudi Arabia valued at $116 billion, Silk City in Kuwait valued at $86 billion, Dubailand-Bawadi Development in Dubai worth $54 billion, Prince Abdulaziz Bin Mousaed Economic City in Saudi Arabia at $53 billion and Khalifa City at Abu Dhabi, UAE worth $40 billion.
Source : Press Release
