DUBAI — Saudi Arabia is the first largest construction market in the GCC with total investments of $63.5 billion in the second quarter of 2019, according to a recent report by BNC Construction Intelligence.

During the first six months of 2019, project owners in GCC nations have also awarded new construction contracts worth $49 billion, a 33% jump compared to the corresponding period in 2018.

“Countries of the GCC region also witnessed the completion of $88.5 billion (AED324.8 billion) worth of construction projects in the first half of 2019, as the construction sector in the GCC remains robust,” BNC noted.

BNC, the largest construction intelligence platform in the Middle East and North Africa (MENA), said the construction sector across the GCC is witnessing an improvement, not only in terms of new project announcements but also new construction contracts and project completion, as the development activities gain momentum despite challenges including geopolitical tension across the region and slow global economic growth forecast. — SG