GCC: Gulf real estate projects hit USD1 trillion mark calling for more steel consumption

摘要

Gulf Arab oil producers have started work on more than 1 trillion dollars of real estate projects as they spend windfall energy-export revenues on malls, office towers and theme parks, a Dubai-based consultancy said. There are 885 active building sites in Saudi Arabia and its five Gulf neighbours, each with a value of at least USD10 million. Proleads said in a statement. The largest five projects had a combined value of 358 billion dollars, it said.