Shafaq News/ The Gulf projects market gained momentum in May and June, fueled by a surge in Iraq and Saudi Arabia, reported MEED, a regional industry publication.
Iraq's housing market ballooned by 5.6%, or $20 billion, credited largely to the revival of the $10 billion Rashid City housing project in Baghdad by the National Investment Commission.
The country also announced seven additional housing projects valued at $12.5 billion, with the biggest ones planned for Najaf and Wasit governorates at $5.5 billion and $4 billion, respectively.
Iraq faces a critical housing shortage due to its population boom and the financial constraints of low-income citizens struggling with high land and construction material costs. The Ministry of Construction and Housing estimates Iraq needs more than three million housing units to bridge the gap.
In Saudi Arabia, the market grew by 1.5%, or $28 billion, driven by the revival of the $17 billion Makkah Metro project. French engineering firm Systra is currently conducting feasibility study updates for the project.