The $2 Trillion Barrier..

Amongst the major developments ( or recessions) occuring across the world, what seemed to have gone by without notice is the estimated cost of projects planned in the countries of the Gulf Cooperation Council has for the first time broken the two trillion dollar barrier.

So why is this significant?The two trillion dollar event is an important watershed, marking not only a significant milestone in the development of the Gulf, but also demonstrating that the regional boom is far from over. The figure is more than double the combined gross domestic product of the six GCC economies.

It's a well known fact that the driving force behind this momentum is the construction sector,which roughly accounts for 59% of the total development costs.

The four biggest projects planned in the GCC are the City of Silk in Kuwait which is expected to cost 77 billion dollars, followed by the Bawadi Project in the United Arab Emirates at a cost of 55 dollars, while the Sudair Industrial City in Saudi Arabia and the Yas Island Project in the UAE are expected to cost 40 billion dollars each.