The value of new building contracts in the GCC region are expected to reach USD 85.6 bn in 2017, up 7% from USD 79.5 bn in 2016, Invest-Gate reports.

The UAE will lead the regional ranking with USD 40.5 bn building contractor awards estimated for this year, followed by Qatar at USD 16.7 bn and Saudi Arabia at USD 16 bn, Ventures Onsite’s the GCC Building Construction Market Report says.

The UAE saw awarded projects worth USD 32.6 bn in 2016, the highest value registered since 2008.  The build-up towards Expo 2020 is expected to award 47 construction contracts valued at USD 3 bn this year.