GCC countries spend on average more money on interior contracting and on the fit-out elements of a construction project than their counterparts in the US, Europe and Japan, according to research conducted by Ventures ME commissioned by dmg :: events.

“The hotel and hospitality sector is the biggest segment spender, with over 22.5 per cent of total project cost allocated to interior contracting and fit-out projects – more than any other sector within the GCC’s building construction industry,” it said.

In 2011, construction projects to the value of $46.52 billion were completed in the GCC region, a figure expected to go up 71 per cent to $79.75 billion in 2012. The research revealed that the UAE continues to garner the largest share of the total GCC building construction market – accounting for almost half (48 per cent), with Saudi Arabia taking a further third (33 per cent) followed by Kuwait (8 per cent), Qatar (6 per cent), Oman (3 per cent) and Bahrain (2 per cent).

The value of commercial real estate projects is set to almost double in 2012 to $15.3 billion from $7.7 billion in 2011 as the GCC continues to be a leading luxury destination for retailers, with four of the six GCC countries ranking among the top 20 global retail destinations, according to the Global Retail Development Index (GRDI).

Dmg :: events is organising the 22nd annual edition of Index International Design Exhibition which will run from September 24 to 27 at the Dubai World Trade Centre.