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Completed construction projects will increase in the GCC this year

The UAE is a key player in the increase, accounting for almost half of the share of the construction market.

A study has suggested that the value of completed construction projects in the Gulf Cooperation Council (GCC) will increase by 71 percent.

According to research by Ventures ME (Middle East) the value of the completed projects is set to rise to $79.8 billion, an increase of $33.3 billion in comparison to the worth of completed projects in 2011 which stood at $46.5 billion.

Both the commercial and hotel sectors are said to be key players in reaching this figure with commercial real estate projects aiming to double in value from $7.7 billion in 2011 to $15.3 billion this year. More impressively, the hotel sector is expected to see its value triple from $2.7 billion in 2011 to $7.3 billion this year.

The UAE was revealed to be an important factor in the GCC market with the country accounting for 48 percent of the construction market.

Saudi Arabia is the second biggest market, accounting for 33 percent whilst other GCC countries Kuwait, Qatar, Oman and Bahrain were responsible for eight, six, three and two percent respectively.

The UAE, in particular Dubai, is faring well in terms of development at the moment with the rate of tourism, hotel rates and even the property market in terms of both sales and rental prices all seeing an increase at the moment.

The fact that construction and development is ever-increasing in Dubai especially is promising for investors who are struggling to increase their portfolios amid the recession, Eurozone crisis and slow recovery from the economic downturn.

The UAE could be the light at the end of the tunnel for investors with the increase in tourism and development only set to further enhance the country.

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