RIYADH: According to real estate specialists CBRE, Saudi Arabia and the United Arab Emirates (UAE) are leading a $1.36 billion construction boom in the Middle East.
The two nations have announced a series of ambitious projects and initiatives that aim to transform their respective economies and societies.
According to statistics, the average economic growth rate for GCC countries was recorded at 6.3% in 2022. In 2023, the expectation is that the GDP growth rate will be 2.7%.
Saudi Arabia’s Crown Prince Mohammed bin Salman has been spearheading a number of mega-projects, including the NEOM smart city and the Red Sea tourism project. The NEOM project, which is set to cost around $500bn, aims to create a futuristic city that will be powered entirely by renewable energy sources. The Red Sea tourism project, which is estimated to cost $10bn, will feature luxury hotels, resorts, and entertainment facilities along the coast.
Meanwhile, the UAE has also been investing heavily in infrastructure and construction. According to research, UAE’s market is the only market which has seen record price growth and transaction volume growth.
In addition to these major initiatives, both countries are also investing in other infrastructure projects, such as new airports, seaports, and highways. These developments are expected to create new jobs, boost economic growth, and improve living standards across the region.
The construction boom in the Middle East is also being driven by increasing demand for real estate and commercial properties, as well as a growing population.
For news and blogs, visit Graana.com
Kali Tanki, a well-known location in Rawalpindi, has gained recognition for its strategic position, historical…
Swat, famously known as the "Switzerland of Pakistan," is a land of mesmerizing beauty. It is…
Millennials, often referred to as the “financially cautious generation,” are reshaping the investment landscape. Known…
Graanic, Pakistan's premier organic food brand, has officially launched its new restaurant at Mall of…
If you’re looking for a destination that combines breathtaking views, a peaceful ambiance, and unforgettable…
The real estate sector in Pakistan is undergoing significant transformations, and wealth management strategies are…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
