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Saudi construction industry continues to lead the Mena region despite the macroeconomic conditions hitting the sector globally - with a project pipeline of unawarded projects estimated at a whopping $1.1 trillion, said a leading real estate expert.
In the UAE, the construction sector once again accounted for the biggest pie of new project awards, representing 59.7 per cent of total projects in Q3-2022
With $121 billion social projects planned and underway in GCC, the private sector is likely to play a vital role in infrastructure project delivery going ahead, said an expert. Of these projects, the lion's share is based in Saudi Arabia ($71 billion).
With over $143 billion leisure and hospitality projects in pipeline in the GCC region, hospitality sector experts are concerned over shortage of skilled professionals and believe any shortfall in this could affect GCC’s status as a global tourism hub.
Nearly 90,000 skilled professionals will be needed in the hospitality sector by 2026 in major markets such as the UAE and Saudi Arabia and any shortfall in skilled professionals could affect GCC’s status as a global tourism hub, warned a senior expert.