The Kingdom of Saudi Arabia accounted for the largest share in the list of the 100 largest projects in the region, with 36 projects with a total value of 105.5 billion dollars, followed by Iran in second place with a share of 60.1 billion dollars, while the UAE came in third place with 11 projects with a total value of 28.3 billion dollars, at the end of the second quarter of 2014.
According to MEED's economic reports, the index declined in the second quarter of this year, expecting the index to come under further pressure due to the security situation in Iraq. According to MEED Economic Reports, the index of the 100 largest projects in the Middle East declined in the second quarter of this year, expecting the index to come under further pressure due to the security situation in Iraq.
According to MEED Economic Reports, the index recorded its first-ever decline in the second quarter of this year. The index recorded its first decline in a year when the value of projects fell to $282 billion by 1.3%, noting that this slight decline keeps the index close to its record level of $285.4 billion recorded in the first quarter.
The index is the largest in the Middle East. <Saudi Arabia is the largest project market in the region, with planned contract awards in 2014 exceeding $130 billion, according to KFH Research. Contracts expected to be awarded in the Kingdom include the first phase of the Makkah Metro worth $7 billion and the first phase of the King Abdullah City for Atomic and Renewable Energy project worth $8.4 billion.
Growth is expected to continue. Growth in the Middle East's top 100 projects market is expected to continue in 2014, as market activity in the Kingdom will drive up the value of the project market once contracts are awarded.
The transportation sector will continue to grow. Transportation will continue to be the most dominant sector, but if the planned refinery awards are confirmed, the value of contracts awarded in the oil sector within the Middle East Top 100 may increase in late 2014 as well.
Overall, the outlook for the region's project market remains positive, driven mainly by continued economic expansion, high oil prices and significant population growth.
Overall, the outlook for the region's project market remains positive, driven mainly by several factors, including continued economic expansion, high oil prices and significant population growth. Saudi Arabia is expected to maintain its position as the largest construction market in the region, followed by the UAE and Qatar. The growth of the sector in Saudi Arabia is driven by the Kingdom's rapid population growth and its desire to improve the carrying capacity of its social infrastructure.
The outlook for the region's construction market remains positive, driven mainly by several factors including continued economic expansion, high oil prices and significant population growth.
