Riyadh-Agencies
The value of ongoing projects in the Kingdom stands at $766.77 billion according to Zawya Economic's data on projects, which is estimated at $2.54 trillion and is either in the design, procurement or construction phase in the GCC.
The UAE remains the leader with $903.05 billion worth of ongoing projects, followed by Saudi Arabia, Qatar with $316.33 billion, Kuwait with $250.58 billion, Oman with $202.13 billion and Bahrain with $107.85 billion.
According to construction industry officials, major construction companies have high hopes in anticipation of a plethora of opportunities and projects in 2013 and the new measures taken by the government to implement these projects.
In terms of sectors, the UAE leads the GCC in real estate construction with a project value of $528.41 billion, followed by Saudi Arabia with $321.42 billion, with the gap widening significantly to Kuwait with $89.25 billion, followed closely by Qatar, Oman and Bahrain.
Contracts for construction and infrastructure projects in the Kingdom rose to $119 billion in 2012, according to MEED Projects.
Building and construction projects in the Gulf region grew by 13% to reach $65.5 billion in 2012, with the UAE accounting for the largest share of the region's total construction market at 48%, followed by Saudi Arabia at 33%.
In 2011, $46.52 billion worth of construction projects were completed in the region. In terms of real estate projects, the Ventures Middle East report expects the value of commercial real estate projects completed in 2011 to double to $15.3 billion in 2012, noting that GCC countries are spending more on interior design and fit-out contracting than the United States, the European Union and Japan.

The Deloitte Middle East report notes that the Kingdom is expected to be the most active construction market globally and to see significant growth in the Saudi construction sector, which is the largest market in the Arabian Gulf in terms of population density and total public income.
The immediate challenge for the Kingdom is how to implement the various key investment programs and ensure efficient delivery while containing inflationary pressures, which is a challenge for the region as a whole.