The value of the mechanical, electrical and plumbing (MEP) contracting market in the Gulf Cooperation Council (GCC) is expected to surge to $14.5 billion in 2008, according to a recent industry survey published today by the Jeddah-based Saudi Gazette. With an estimated $1.5 trillion worth of projects under construction in the GCC, the regional MEP contracting sector, which accounts for one third of this total figure, is slated to undergo major growth transformation, with economies such as the UAE continuously exhibiting the potential for further development in the construction and real estate front. As the largest construction market in the GCC with active projects amounting to over $350 billion, the country has seen a 17 percent increase in 2007, according to data released by the UAE Ministry of Economy.
